By Hosea Parah, Abuja

The headline inflation rate for September 2023, on a year-on-year basis, increased to 26.72%, marking a 0.92% point increase compared to the previous month’s rate of 25.80%. This represents a 5.94% increase compared to the rate recorded in September 2022, which was 20.77%.

According to the Statistician-Gearal of the Federation and the Chief Executive National Bureau of Statistics, Prince Adeyemi Adeniran on Monday explained that, the increase in the headline index for September 2023 was primarily driven by price rises in various items within the basket of goods and services.

The Statistician-Gearal of the Federation said, significant increases were observed in Food and non-alcoholic Beverages (13.84%), Housing, Water, Electricity, Gas & other Fuel (4.47%), Clothing & Footwear (2.04%), Transport (1.74%), Furnishings & Household Equipment and maintenance (1.34%), Education (1.05%), and Health (0.80%). Other increases were seen in Miscellaneous Goods & Services (0.44%), Restaurants & Hotels (0.32%), Alcoholic Beverages, Tobacco & Kola (0.29%), Recreation & Culture (0.18%), and Communication (0.18%).

On a month-on-month basis, the headline inflation rate in September 2023 stood at 2.10%, indicating a decrease of 1.08% compared to the rate recorded in August 2023 (3.18%).

The average Consumer Price Index (CPI) for the twelve months ending September 2023 showed a 22.90% percentage change, representing a 5.47% increase compared to the previous corresponding twelve-month period recorded in September 2022 (17.43%).

While the Food inflation for September 2023 saw an increase on a year-on-year basis, rising to 30.64% compared to the rate recorded in September 2022, which was 23.34%. This increase was primarily driven by price rises in Oil & fat, Bread & cereals, Potatoes, Yam & other Tubers, Fish, Fruit, Meat, Vegetables, and Milk, Cheese, and Eggs. However, on a month-on-month basis, the Food inflation rate in September 2023 was 2.45%, indicating a decline compared to the rate recorded in August 2023 (3.87%). This decline was due to a decrease in the average prices of Potatoes, Yam and other tubers, Bread and cereals, Fruits, and Fish.

This He said, the Core inflation rate, which excludes volatile farm produce and Petroleum Motor Spirit (PMS), stood at 21.84% in September 2023 on a year-on-year basis, indicating a rise of 4.35% compared to the rate recorded in September 2022 (17.49%). Notable increases were observed in prices of Passenger Transport by Air, Passenger Transport by Road, Medical Services, and Maintenance and repair of personal transport equipment. On a month-on-month basis, the Core Inflation rate increased by 2.22% in September 2023, slightly higher than the rate recorded in August 2022 (2.18%).

The Urban consumer’s inflation rate on a year-on-year basis stood at 28.68% for September 2023, indicating a 7.43% point increase compared to the corresponding month in 2022. On a month-on-month basis, the Urban inflation rate grew by 2.24% in September 2023. The Rural consumer’s inflation rate on a year-on-year basis stood at 24.94% in September 2023, a 4.62% increase compared to August 2022.