By Munachimso Obienyi
Nigeria’s headline inflation expanded by 25 basis points (bps) in September to 20.77 per cent year-on-year (y/y August: 20.52 per cent y/y).
This is according to new Consumer Price Index (CPI) report by the National Bureau of Statistics (NBS) released on Monday.
On a month-on-month basis, the index rose by 1.36 per cent compared to the 1.77 per cent increase recorded in the previous month.
This represents the highest rate since September 2005, according to data tracked by NwafoLive.
According to the National Bureau of Statistics, the increase in the country’s inflation rate may be attributable to the disruption in the supply of food products, the increase in import cost as a result of depreciating currency, and the general increase in the cost of production.
The food inflation rate in September 2022 was 23.34 per cent on a year-on-year basis, marking an uptick from the 23.12 per cent recorded in the previous month.
The increase in the food index was attributed to the increases in prices of bread and cereals, food products, potatoes, yams, other tubers, oil, and fat.
Meanwhile, on a month-on-month basis, the food inflation rate was 1.43 per cent, marking a 0.54 per cent decline compared to the rate recorded in August 2022 (1.98 per cent)
