Nigerian inflation rate rises by 22bps to 11.24% in September

The Consumer Price Index (CPI) released by the National Bureau of Statistics (NBS) on Tuesday shows that inflationary pressure resurfaced in September, as the headline inflation widened by 22bps to 11.24 per cent year-on-year in September from 11.02 per cent year-on-year in August.

The reading is 24bps higher than Bloomberg’s median consensus estimate of 11.0 per cent. On a month-on-month basis, the headline index rose at a faster pace of 1.04 per cent for September (August: 0.99%).

Food inflation rose by 13.51 per cent year-on-year in the review period, a faster increase relative to 13.17 per cent year-on-year recorded in August.

Notably, the highest increases were recorded in Bread and cereals, Oils and fats, Meat, Potatoes, yam, and other tubers, Fish and Vegetables. On a month-on-month basis, food inflation increased by 1.30 per cent, relative to the 1.22 per cent recorded in the previous month.

Also, core inflation widened by 8.94 per cent year-on-year as against 8.68 per cent year-on-year in August, the highest since May 2019.

Statistics by Pressures were most significant in prices of Cleaning, Repair and hire of clothing, Repair of household appliance, Hospital services, Major household appliances, Glassware, tableware, and household utensils, Spirits, Clothing materials, other articles of clothing accessories, Garment and Repair and hire of footwear.

Similarly, on a month-on-month basis, the core index increased by 0.89 per cent, relative to the 0.67 per cent recorded in the previous month.