From Isaac Anumihe, Abuja
The high inflationary trend which began over 18 months ago has hit 20.77 per cent in September, 2022 as against August’s rate of 20.52 per cent.
This was contained in a report by National Bureau of Statistics (NBS), yesterday, in its website.
According to NBS, in September 2022, on a year–on- year basis, the headline inflation rate was 20.77 per cent, a 4.14 per cent points higher compared to the rate recorded in September 2021, which was (16.63 per cent).
“This indicates that in the month of September 2022, the general price level was 4.14 per cent higher
relative to September 2021.
On a month-on-month basis, the headline inflation rate in September 2022 was 1.36 per cent. This
was 0.41 per cent lower than the rate recorded in August 2022 (1.77 per cent). This means that in the
month of September 2022, the headline inflation rate (month–on–month basis) declined by 0.41 per cent, relative to August 2022.
“The percentage change in the average Consumer Price Index (CPI) for the twelve month period ending September 2022 over the average of the CPI for the previous twelve month period was 17.43 per cent, showing a 0.60 per cent increase compared to 16.83 per cent recorded in September 2021.
The increases were recorded in all Consumption According to Purpose (COICOP) divisions that yielded the headline index” the bureau, noted.
NBS attributed the cause of increase 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.
Examining the factors responsible for a decline in inflation, the bureau said that it is due to a decline in the changes in the food index relative to the reference month index which is due to the present harvest season.
Meanwhile, the food inflation rate in September 2022 was 23.34 per cent on a year-on-year basis; which was 3.77 per cent higher compared to the rate recorded in September 2021 (19.57 per cent).
“This rise in food inflation was caused by increases in prices of bread and cereals, food products; potatoes, yam, and other tubers, oil, and fat.
“On a month-on-month basis, the food inflation rate in September was 1.43 per cent. This was a
0.54 per cent fall compared to the rate recorded in August 2022 (1.98 per cent). 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-month period ending September
2022 over the previous twelve-month average was 19.36 per cent, which was a decline of 1.35 per cent points from the average annual rate of change recorded in September 2021 (20.71 per cent)” the report, further explained.