The National Bureau of Statistics (NBS), says Nigeria’s headline inflation rate increased to 20.77 per cent on a year-on-year basis in September 2022.
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This is contained in a statement issued by Prince Semiu Adeniran, the Statistician-General of the Federation and Chief Executive Officer, of the National Bureau of Statistics (NBS) on Monday in Abuja.
It was reported that the statement was on the Consumer Price Index (CPI) and Inflation Report for September.
Adeniran said the figure is 4.14 percent points higher compared to the 16.63 percent recorded in September 2021.
“This indicates that in September 2022, the general price level was 4.14 percent higher relative to September 2021.”
He said factors responsible for the increase in the annual inflation rate include an interruption in the supply of food products, an increase in import cost due to the persistent currency depreciation, and a general increase in the cost of production.
Adeniran said on a month-on-month basis, the headline inflation rate in September was 1.36 percent, which was 0.41 percent lower than the rate recorded in August 2022 at 1.77 percent.
“This means that in September 2022, the headline inflation rate on a month–on–month basis declined by 0.41 percent, relative to August 2022.”
He said that the factor responsible for the decline in the monthly inflation rate in the last two months was a decline in the changes in the food index.
According to him, this is relative to the reference month index, which is due to the present harvest season.
He said the percentage change in the average CPI for all items index for the 12 months ending September 2022 over the average of the CPI for the previous 12-month period was 17.43 percent.
” This is showing a 0.60 percent increase compared to 16.83 percent recorded in September 2021.”
Adeniran said increases were recorded in all Classification of Individual Consumption by Purpose (COICOP), divisions that yielded the Headline index.
He said the food sub-index increased by 23.34 percent on a year-on-year basis in September 2022, adding that the inflation was 3.77 percent higher compared to the rate recorded in September 2021 at 19.57 percent.
“This rise in food inflation was caused by increases in prices of bread and cereals, food products, potatoes, yam, and other tubers, oil, and fat.”
The statistician-general said on a month-on-month basis, the food inflation rate in September was 1.43 percent, adding that this was a 0.54 percent decline compared to the rate recorded in August 2022 at 1.98 percent.
According to him, this decline is attributed to a reduction in prices of some food items like tubers, palm oil, maize, beans, and vegetables.
Adeniran said the average annual rate of food inflation for the 12 months ending September 2022 over the previous 12-month average was 19.36 percent.
” This was a decline of 1.35 percent points from the average annual rate of change recorded in September 2021 at 20.71 percent.”
He said in September 2022, the consumer price index for urban consumers rose by 4.06 percent on a year-on-year basis.
“That is in September 2022, the urban inflation rate was 21.25 percent higher compared to the 17.19 percent recorded in September 2021.
“On a month-on-month basis, the urban inflation rate was 1.46 percent in September 2022, this was a 0.34 percent decline compared to August 2022 at 1.79 percent. ”
Adeniran said the corresponding 12-month average for the urban inflation rate was 17.94 percent in September 2022, showing a 0.53 percent increase compared to the 17.41 percent reported in September 2021.
He said the inflation rate for rural consumers in September 2022 was 20.32 percent on a year-on-year basis, which was 4.24 percent higher compared to 16.08 percent recorded in September 2021.
” On a month-on-month basis, the rural inflation rate in September 2022 was 1.27 percent, this is a 0.48 percent decline compared to August 2022 at 1.75 percent.”
Adeniran said the corresponding 12-month average for the rural inflation rate in September 2022 was 16.94 percent, showing a 0.68 percent increase compared to the 16.26 percent recorded in September 2021
On the states’ profiles, he said all items’ inflation rate for September 2022 on a year-on-year basis was highest in Kogi at 23.82 percent, followed by Rivers at 23.49 percent, and Benue at 22.78 percent.
“While the states with the slowest rise were Abuja with 17.87 percent followed by Borno with 18.12 percent and Adamawa with 18.42 percent.”
The statistician-general said on a month-on-month basis, the state all items index for September 2022 recorded the highest rate in Jigawa at 2.58 percent, followed by Yobe at 2.22 percent and Benue at 2.05 percent.
“While the states with the slowest rise were Abuja at -0.72, followed by Sokoto with -0.19 percent and Adamawa with 0.25 percent.”
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