The inflation rate in Nigeria surged to 20.77% in September from 20.52% in August.
According to the latest consumer price index (CPI) report by the National Bureau of Statistics (NBS), CPI increased by 1.36% month-on-month, compared to a 1.77% increase in the previous month.
"On a month-on-month basis, the Headline inflation rate in September 2022 was 1.36%, this was 0.41% lower than the rate recorded in August 2022 (1.77%). This means that in the month of September 2022, the headline inflation rate (month–on–month basis) declined by 0.41%, relative to August 2022"
NBS revealed that on a month-on-month basis, the food inflation rate in September was 1.43%, this was a 0.54% fall compared to the rate recorded in August 2022 (1.98%).
It attributed the decline to a reduction in prices of some food items like Tubers, Palm oil, Maize, Beans, and Vegetables.
The report also revealed that "the highest increases were recorded in prices of Gas, Liquid fuel, Passenger transport by Air, Passenger travel by road, and Solid fuel.
Food Inflation Rate by States
Looking at the rate of food inflation on a year-on-year basis according to states, the report revealed that Kwara State with 33.09% was the highest.
Kwara was closely followed by "Kogi (28.46%), and Ebonyi (27.41%), while Kaduna (18.84%), Jigawa (19.20%) and Sokoto
(19.44%) recorded the slowest rise on year-on-year food inflation."
However, on a month-on-month basis, "September 2022 food inflation was highest in Enugu (2.61%), Ogun (2.50%), and Oyo (2.43%), while Sokoto (-0.88%), Ondo (0.38%) and Niger (0.62%) recorded the slowest rise on month-on-month inflation," the report said.
