Nigeria’s inflation rate has soared to 20.77% amid a disruption in the supply of food products.
Eko Hot Blog reports that the Consumer Price Index (CPI), which measures the rate of change in prices of goods and services, rose to 20.77 percent in September 2022, up from 20.52 percent in August.
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This was disclosed by the National Bureau of Statistics (NBS) on Monday in its CPI report for September 2022.
The NBS said the headline inflation rate of 20.77% for September 2022 was 4.14% points higher compared to the rate recorded in September 2021, which was (16.63%).
“This indicates that in the month of September 2022 the general price level was 4.14% higher relative to September 2021,” the bureau said.
According to the NBS, on a month-on-month basis, the headline inflation rate in September 2022 was 1.36%, which 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,” it said.
“The percentage change in the average CPI for the twelve month period ending September 2022 over the average of the CPI for the previous twelve month period was 17.43%, showing a 0.60% increase compared to 16.83% recorded in September 2021.
“The Increases were recorded in all COICOP divisions that yielded the Headline index.”
The NBS report explained the 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,” it said.
The report also explained the likely factors responsible for the increase in annual inflation rate (year-on-year basis).
It named the factors as 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.
The NBS further disclosed that, on a year-on-year basis, in the month of September 2022, the urban inflation rate was 21.25 %, which was 4.06% higher compared to the 17.19% recorded in September 2021.
“On a month-on-month basis, the urban inflation rate was 1.46% in September 2022, this was a 0.34% decline compared to August 2022 (1.79%). The corresponding twelve-month average for the urban inflation rate was 17.94% in September 2022. This was 0.53% higher compared to the 17.41% reported in September 2021,” it said.
The bureau also revealed that the rural inflation rate in September 2022 was 20.32% on a year-on-year basis; which was 4.24% higher compared to 16.08% recorded in September 2021.
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“On a month-on-month basis, the rural inflation rate in September 2022 was 1.27%, down by 0.48% compared to August 2022 (1.75%). The corresponding twelve-month average for the rural inflation rate in September 2022 was 16.94%. This was 0.68% higher compared to the 16.26% recorded in September 2021,” it added in its report.
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