According to the National Bureau of Statistics, Nigeria’s Inflation hit a new high of 20.77 percent in September as food supply, foreign exchange crisis, and increases in import costs worsened.
In August, inflation rose to a 17 year high of 20.52 per cent which has now been broken by September’s figure.
NBS disclosed this in its ‘Consumer Price Index’ report it listed the likely factors for the increase in inflation year-on-year as the disruption in the supply of food products, increase in import cost due to the persistent currency depreciation, and general increase in the cost of production.
It said, “Likely factors responsible for the decline in the monthly inflation rate (Month-on-month basis).
“Over the past two months, there has been a decline in headline inflation on a month-on-month basis due to a decline in the changes in the food index relative to the reference month index which is due to the present harvest season.
“Likely factors responsible for the increase in annual inflation rate (year-on-year basis). Disruption in the supply of food products
“Increase in import cost due to the persistent currency depreciation. General increase in the cost of production.”
The NBS further said, “In September 2022, on a year–on- year basis, the headline inflation rate was 20.77 per cent. This was 4.14 per cent points higher compared to the rate recorded in September 2021, which was (16.63 per cent).
“This indicates that in the month of September 2022 the general price level was 4.14 per cent higher relative to September 2021. On a month-on-month basis, the Headline inflation rate in September 2022 was 1.36 per cent, this was 0.41 per cent lower than the rate recorded in August 2022 (1.77 per cent).”
The report further revealed that urban inflation is now 21.25 per cent while rural inflation rate was 20.32 per cent y-o-y in September.
The NBS revealed that food inflation rose to 23.34 per cent in September, y-o-y, because of increases in the price of bread, cereals, potatoes, yam, oil, fat, and other food products.
It stated, “The average annual rate of food inflation for the twelve-month period ending September 2022 over the previous twelve-month average was 19.36 per cent, which was a decline of 1.35 per cent points from the average annual rate of change recorded in September 2021 (20.71 per cent).”
Inflation is highest in Kogi (23.82 per cent), Rivers (23.49 per cent), and Benue (22.78 per cant), and lowest in Abuja (17.87 per cent), Borno (18.12 per cent), and Adamawa (18.42 per cent).