Nigerian Inflation Rate Hit 20.77%, Y-on-Y in September

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CEM REPORT | Nigerian headline inflation was 20.77% in September 2022 on a year–on- year basis. This represents 4.14% points higher compared to the 16.63% recorded in September 2021, Nigerian Bureau of Statistics has said in the CPI report released Monday.

This increase indicates that in the month of September 2022 the general price level was 4.14% higher relative to September 2021.

However, 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%). 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.

NBS said the decline in inflation rate month-on-month basis is attributed to a decline in the changes in the prices of food relative to the reference month index which is due to the present harvest season.

On the other hand, NBS said the yearlong increase is due to 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 report further said that urban inflation rate was 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, a 0.34% decline compared to August 2022 (1.79%).

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In the same vein, rural inflation rate in September 2022 was 20.32% on a year-on-year basis which represent 4.24% higher compared to 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%).

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