Nigeria’s headline inflation continued an upward rise in September 2023 hitting 26.72 percent during the month as against 25.80 percent recorded in August 2023.
According to the CPI and Inflation Report September 2023 issued by the National Bureau of Statistics (NBS) on Monday, October 16, the September 2023 headline inflation rate showed an increase of 0.92% points when compared to the August 2023 headline inflation rate.
On a year-on-year basis, the report said the headline inflation rate was 5.94% points higher compared to the rate recorded in September 2022, which was 20.77%.
This shows that the headline inflation rate (year-on-year basis) increased in September 2023 when compared to the same month in the preceding year (i.e., September 2022).
Furthermore, on a month-on-month basis, the headline inflation rate in September 2023 was 2.10%, which was 1.08% lower than the rate recorded in August 2023 (3.18%). This means that in September 2023, the rate of increase in the average price level was less than the rate of increase in the average price level in August 2023.
The percentage change in the average CPI for the twelve-month period ending September 2023 over the average of the CPI for the previous twelve-month period was 22.90%, showing a 5.47% increase compared to 17.43% recorded in September 2022.
On a year-on-year basis, in September 2023, the Urban inflation rate was 28.68%, this was 7.43% points higher compared to the 21.25% recorded in September 2022. On a month-on- month basis, the Urban inflation rate was 2.24% in September 2023, this was 1.05% points lower compared to August 2023 (3.29%). The corresponding twelve-month average for the Urban inflation rate was 24.10% in September 2023. This was 6.16% points higher compared to the 17.94% reported in September 2022.
The Rural inflation rate in September 2023 was 24.94% on a year-on-year basis; this was 4.62% points higher compared to the 20.32% recorded in September 2022. On a month-on- month basis, the Rural inflation rate in September 2023 was 1.96%, down by 1.12% points compared to August 2023 (3.08%). The corresponding twelve-month average for the Rural inflation rate in September 2023 was 21.79%. This was 4.85% higher compared to the 16.94% recorded in September 2022.
