Inflation In Nigeria Hikes To 20.77 % In September – NBS

By Tolulope Oke

Inflation in Nigeria rose from 20.52 percent in August 2022 and 16.63 percent in September 2021 to 20.77 percent in September 2022.

The National Bureau of Statistics (NBS) claimed in a report released on Monday that a rise in food inflation brought on by higher prices Nigerians were paying for bread and cereal, potatoes, yam, oil, and fat was what caused the consumer price index (CPI) to climb.

According to the report, the rate of food inflation in September 2022 was 23.34 percent, compared to the 19.57 percent and 23.12 percent reported in September 2021 and August 2022, respectively.

The report further revealed the average CPI for the 12-month period ending in September 2022 was 17.43% higher than the average CPI for the 12-month period prior to that, a rise of 0.60% from the 16.83% recorded in September 2021.

On a year-on-year basis, urban inflation stood at 21.25 per cent last month compared with 17.19 per cent in the same period of last year.

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While on a month-on-month basis, the urban inflation rate was 1.46 per cent in September 2022, lower than the 1.76 per cent reported in August 2022. The corresponding 12-month average for the urban inflation rate was 17.94 per cent, higher than the 17.41 per cent in September 2021.

As for the rural inflation rate, it was 20.32 per cent in September 2022 compared with 16.08 per cent in September 2021. On a month-on-month basis, it stood at 1.27 per cent, lower than 1.75 per cent a month earlier and for the 12-month average, the rate was 16.94 per cent in contrast to 16.26 per cent a year earlier.

The stats office said all items inflation rate on a year-on-year basis was highest in Kogi State at 23.82 per cent, Rivers State at 23.49 per cent, Benue State at 22.78 per cent, while Abuja at 17.87 per cent, Borno at 18.12 per cent, and Adamawa at 18.42 per cent recorded the slowest rise in headline year-on-year inflation.