.jpeg "The September inflation rate in Nigeria is 26.72%, according to NBS")
This information was provided by the NBS in its September Consumer Price Index (CPI) and Inflation Report, which was made public on Monday in Abuja.
The result, which is 0.92 percentage points higher than the 25.80 percentage reported in August 2023, is stated in the report.
According to the report, the headline inflation rate in September was 5.94% higher than the rate of 20.7% that was registered in September 2022.
According to the report, the increase in the headline index for September 2023 was due to an increase in a few items in the divisional level basket of goods and services.
According to the report, these price rises were seen in food and non-alcoholic beverages (13.84%) and housing, water, electricity, gas, and other fuels (4.47%).
Other categories included furniture, household equipment, and maintenance at 1.34 percent, apparel and footwear at 2.04 percent, transportation at 1.74 percent, education at 1.05 percent, and health at 0.80 percent.
"Miscellaneous goods and services at 0.4%; restaurants and hotels at 0.3%; alcoholic beverages, tobacco, and kola at 0.9%; recreation and culture at 0.8%; and communication at 0.8%."
The report also noted that the headline inflation rate in September 2023 was 2.10 percent, which was 1.08 percent lower than the rate, which was 3.18 percent in August 2023.
"This means that compared to August 2023, the average price level decreased by 1.08 percent in September 2023."
According to the report, there was a 22.90% change in the average CPI for the 12-month period ending September 2023 compared to the average CPI for the 12-month period prior.
"This indicates a 5.47 percent increase compared to the 17.43 percent recorded in September 2022."
According to the data, the rate of food inflation rose to 30.64% on an annual basis in September, up from 23.34% in September 2022. This is a 7.30% increase.
"Rising prices for oil and fats, bread and cereals, fish, potatoes, yams, and other tubers, fruits, meat, vegetables, milk, cheese, and eggs are to blame for the rise in food inflation."
According to the report, the monthly food inflation rate in September was 2.45%, a 1.41 percent decrease from the rate of 3.87 percent in August 2023.
"A decrease in the average price of bread and cereals, potatoes, yams, and other tubers, bread, as well as fruits and fish, was the primary factor behind the month-over-month decline in food inflation."
According to the report, core inflation—which excludes the costs of volatile agricultural produce and petroleum motor spirit—was 21.84 percent in September on an annual basis for "All items less farm produce."
When compared to the 17.49 percent recorded in September 2022, this increased by 4.35 percent.
"The exclusion of the PMS is due to the commodity's deregulation by removal of subsidy."
According to the report, rates for medical services, personal mobility equipment maintenance and repair, air and ground passenger transportation, and other services all saw significant price rises.
According to the NBS, the core inflation rate for September 2023 was 2.22 percent on a month-over-month basis.
"This shows an increase of 0.05 percent from the 2.18 percent recorded in August 2023."
For the 12 months ending in September 2023, the average 12-month annual inflation rate was 19.55%, which was 4.48 percentage points more than the 15.07% reported in September 2022.
According to the data, the urban inflation rate in September was 28.68% on an annual basis, which was 7.43% more than the 21.25% reported in September 2022.
The urban inflation rate was 2.24 percent on a monthly basis in September, which is a 1.05 percent decrease over August 2023's 3.29 percent.
According to the data, the rural inflation rate in September was 24.94% on an annual basis, which was 4.62% higher than the 20.32% reported in September 2022.
The rural inflation rate was 1.96 percent on a month-over-month basis, down from 3.08 percent in August 2023 by 1.12 percent.
According to a report on state profiles, the rate of all-item inflation in September was greatest in Kogi at 32.95 percent, followed by Rivers at 30.63 percent and Lagos at 30.04 percent.
However, it noted that Borno had experienced the least increase in headline inflation on a year-over-year basis, followed by Jigawa and Benue at 22.39 and 23.22 percent respectively.
According to the research, the highest monthly inflation rates for all products in September 2023 were recorded in Taraba (3.39%), Bauchi (3.38%), and Niger (3.28%).
"Borno recorded the slowest increase in monthly inflation, followed by Ekiti at 1.05 percent and Benue at 1.13 percent."
According to the survey, food inflation was greatest in Kogi on an annual basis at 39.37%, followed by Rivers at 35.95% and Lagos at 35.66%.
"Jigawa showed the least rise in food inflation on a year-over-year basis at 23.41 percent, followed by Borno at 25.29 percent and Sokoto at 25.38 percent.
According to the report, food inflation was highest in Akwa Ibom on a monthly basis at 4.23 percent, followed by Niger at 4.19 percent and Ebonyi at 3.74 percent.
Cross River experienced the least increase in food inflation month over month, followed by Borno at 0.62 percent and Bayelsa at 0.73 percent.