Nigeria’s headline inflation increased by 0.92 per cent to 26.72 per cent in September 2023 compared to 25.80 per cent in August 2023, lower than analysts’ expectations of 27.95 per cent.
According to the National Bureau of Statistics (NBS) on Monday, on a year-on-year basis, the headline inflation rate was 5.94 per cent points higher compared to the rate recorded in September 2022, which was 20.77 per cent.
The headline inflation rate in September 2023 was 2.10 per cent, which was 1.08 per cent lower than the rate recorded in August 2023 at 3.18 per cent.
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 NBS showed that Nigeria’s food inflation rate in September 2023 was 30.64 per cent on a year-on-year basis, which was 7.30 per cent points higher compared to the rate recorded in September 2022 at 23.34 per cent.
The rise in food inflation on a year-on-year basis was caused by increases in prices of oil and fat, bread, cereals, potatoes, yam and other tubers, fish, fruit, meat, vegetables milk, cheese, and eggs.
