Sunday, February 16, 2025
-6.8 C
Tallinn

National Bureau Of Statistics Says Nigeria’s Inflation In September Now 26.72%

Nigeria’s inflation rose to 26.72% in September, a 0.92%-point rise from the previous month’s 25.80%, the National Bureau of Statistics (NBS) said Monday, in its Consumer Price Index (CPI) report for September 2023.

The Bureau also reported that food inflation rate in September 2023 rose to 30.64% on a year-on-year basis, which was 7.30 percentage points higher, compared to the rate recorded in September 2022 (23.34 percent).

According to NBS, the rise in food inflation was caused by increases in prices of oil and fat, bread and cereals, potatoes, yam and other tubers, fish, fruit, meat, vegetables and milk, cheese, and eggs.

NBS said: “In September 2023, the headline inflation rate increased to 26.72 percent relative to the August 2023 headline inflation rate which was 25.8 percent.

“Looking at the movement, the September 2023 headline inflation rate showed an increase of 0.92 percentage points when compared to the August 2023 headline inflation rate.

“On a YoY basis, the headline inflation rate was 5.94 percent points higher compared to the rate recorded in September 2022, which was 20.77 percent.

“This shows that the headline inflation rate (YoY basis) increased in September 2023 when compared to the same month in the preceding year (i.e., September 2022).

“Furthermore, on a month-on-month basis, the headline inflation rate in September 2023 was 2.1 percent which was 1.08 percent lower than the rate recorded in August 2023 (3.18 percent). “This means that in September 2023, the rate of increase in the average price level was less than the rate of increase in the average price level in August 2023.

“The Food inflation rate in September 2023 was 30.64% on a year-on-year basis, which was 7.30 percentage points higher compared to the rate recorded in September 2022 (23.34 percent).

“The rise in Food inflation on a year-on-year basis was caused by increases in prices of Oil and fat, bread and cereals, potatoes, yam and other tubers, fish, fruit, meat, vegetables and milk, cheese, and eggs.

“In September 2023, all items inflation rate on a year-on-year basis was highest in Kogi (32.95 percent), Rivers (30.63 percent), Lagos (30.04 percent), while Borno (21.05 percent), Jigawa (22.39 percent) and Benue (23.22 percent) recorded the slowest rise in headline inflation on a year-on-year basis.

“In September 2023, Food inflation on a year-on-year basis was highest in Kogi (39.37percent) Rivers (35.95 percent), and Lagos (35.66 percent), while Jigawa (23.41 percent), Borno (25.29 percent) and Sokoto (25.38 percent) recorded the slowest rise in Food inflation on a YoY basis.”

Hot this week

Stoltenberg succeeds Heusgen at MSC

Agency Report - Munich  – Veteran German diplomat Christoph Heusgen received...

Police intervene between opposing protests after Munich car attack

Agency Report - Munich  – Police intervened in a counter-protest...

Bayern hopeful Kimmich will make a decision about his future soon

Agency Report - Leverkusen, Germany  - After clarifying the future of...

Aggregate German savings high, but many have none at all

Agency Report - Frankfurt  – Aggregate German household wealth may have...

Latest

Stoltenberg succeeds Heusgen at MSC

Agency Report - Munich  – Veteran German diplomat Christoph Heusgen received...

Police intervene between opposing protests after Munich car attack

Agency Report - Munich  – Police intervened in a counter-protest...

Bayern hopeful Kimmich will make a decision about his future soon

Agency Report - Leverkusen, Germany  - After clarifying the future of...

Aggregate German savings high, but many have none at all

Agency Report - Frankfurt  – Aggregate German household wealth may have...

Demonstrators mark attack in German city of Hanau five years on

Agency Report - Hanau, Germany  - About 1,000 people demonstrated in...

NAFDAC evacuates 140 tonnes of unregistered drugs in Aba

Agency Report - The National Agency for Food and Drug...

Shehu Sani Rejoins APC After Years of Hiatus

Shehu Sani, former Kaduna state senator has rejoined All...
spot_img

Related Articles

Popular Section

spot_imgspot_img

MORE FROM CHATNEWSTV

Aggregate German savings high, but many have none at all

Agency Report - Frankfurt  – Aggregate German household wealth may have reached new highs, but almost a quarter of all households have no savings whatever, according...

SERAP gives CBN 48 hours to withdraw ‘unlawful, unfair hike in ATM transaction fees’

Socio-Economic Rights and Accountability Project (SERAP) has urged the Governor of the Central Bank of Nigeria, Mr Olayemi Cardoso, to use his "leadership position...

ANLCA Eastern Zone Congratulates Newly Elected Chapter Executives, Calls for Unity and Collaboration

The Eastern Zonal Executive, Chapter Chairmen, Executives, and esteemed members of the Association of Nigerian Licensed Customs Agents (ANLCA) Eastern Zone extend their heartfelt...

LAMATA Hikes BRT Fares

Lagos Metropolitan Area Transport Authority (LAMATA) has increased the fare for the Bus Rapid Transit better known as BRT. A notice posted by LAMATA on...

Elumelu Foundation Partners UAE To Support African Entrepreneurs With $5k Capital

Tony Elumelu Foundation (TEF) has signed a $6 million agreement with the United Arab Emirates (UAE) office of development affairs to support African entrepreneurs. In...

NASS Passes 2025 Budget

House of Representatives has passed the sum of N54.9 trillion as budget for 2025 fiscal year. The appropriation bill was also passed by the Senate. The...

ADB Expands Support for Philippines’ Labor Market Reforms with $500 Million Loan

MANILA, PHILIPPINES  — The Asian Development Bank (ADB) has approved a $500 million policy-based loan to help the Philippine government expand labor market programs...

Trudeau, EU Leaders Reaffirm Trade, Security Ties at Brussels Meeting

BRUSSELS (CHATNEWSTV) — Canadian Prime Minister Justin Trudeau met with European Union leaders on Monday, reaffirming the close Canada-EU partnership and pledging deeper cooperation...

German court shortens mammoth fraud trial of former Wirecard boss

Agency Report - Munich  - The largest fraud trial in Germany's post-war history is set to be shortened, paving the way for a possible judgement this...