The National Bureau of Statistics (NBS) in its latest Consumer price index (CPI) report said, the nation’s inflation rate has increased by 4.14 percent in September, 2022.
NBS said, the Headline Inflation rate (all items index) in September 2022 was 20.77% on a year-on-year basis, which was 4.14% points higher compared to the 16.63% rate recorded in September 2021.
The report shows that the general price level for all items index rose by 4.14% in September 2022 when compared to the same month in the preceding year (i.e., September 2021).
The increase in the all-item index, according to NBS, was a result of an Interruption in the food supply chain, the influence of domestic currency depreciation on the cost of importation, and a general increase in the cost of production.
The Bureau said, 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%). Meaning that in September 2022 the general price level was 0.41% lower relative to August 2022.
It said, the decline in the all-items index on a month-on-month basis, that is over the two months was due to the changes in the food index relative to the reference month index which is due to the ongoing harvesting season.
NBS said, “the percentage change in the average CPI for all items index for the twelve months ending September 2022 over the average of the CPI for the previous twelve months period was 17.43%, showing a 0.6% increase compared to 16.83% recorded in September 2021.
“The food sub-index increased by 23.34% on a year-on-year basis in September 2022, the inflation rate was 3.77% higher compared to the rate recorded in September 2021 (19.57%).
“The rise in the food index was caused by increases in prices of Bread and cereals, Food products n.e.c, Potatoes, yam and other tubers, oil and fat.
“On a month-on-month basis, the food inflation rate in September was 1.43%, this was a 0.54% decline compared to the rate recorded in August 2022 (1.98%). This decline was attributed to a reduction in prices of some food items like Tubers, Palm oil, Maize, Beans, and Vegetables.
“The average annual rate of food inflation for the twelve months ending September 2022 over the previous twelve-month average was 19.36%, which was a 1.35% points decline from the average annual rate of change recorded in September 2021 (20.71%).
“The index for all items less farm produce (Core inflation), which excludes the prices of volatile agricultural produce stood at 17.60% in September 2022 on a year-on-year basis; the index rose by 3.86% when compared to 13.74% recorded in September 2021.
“On a month-on-month basis, the core sub-index was 1.59% in September 2022, which was similar to the rate recorded in August 2022. The highest increases were recorded in prices of gas, liquid fuel, passenger transport by air, solid fuel, and passenger travel by road.
“The average 12-month annual inflation rate was 14.93% for the twelve months ending September 2022; this was 2.38% points higher than the 12.55% recorded in September 2021.
“The consumer price index for urban consumers rose by 4.06% on a year-on-year basis. That is, in September 2022, the urban inflation rate was 21.25 % higher, compared to the 17.19% recorded in September 2021.
“While 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.
The inflation rate for rural consumers in September 2022 was 20.32% on a year-on-year basis; this was 4.24% higher compared to the 16.08% recorded in September 2021.
“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.
“On the states profiles, all item’s inflation rates for September 2022 on a year-on-year basis were highest in Kogi (23.82%), River (23.49%), Benue (22.78%), while Abuja (17.87%), Borno (18.12%) and Adamawa (18.42%) recorded the slowest rise in headline Year-on-Year inflation.
“However, on a month-on-month basis, the state all items index for September 2022, recorded the highest rate in Jigawa (2.58%), Yobe (2.22%), Benue (2.05 %), while Abuja (-0.72%), Sokoto (-0.19%) and Adamawa (0.25%) recorded the slowest rise in inflation”, it said.
The Consumer price index (CPI) measures the changes in the general price level of a basket of goods and services purchased by households for consumption purposes relative to a base period.
The inflation rate is computed from the CPI index, which is the relative change in the CPI between periods.
