Home » Inflation Continues Upward Trend, Reaching New Heights in September 2023

Inflation Continues Upward Trend, Reaching New Heights in September 2023

by Oluwatosin Racheal Alabi

The National Bureau of Statistics (NBS) confirmed yesterday a significant climb in September’s inflation rate, marking a record high at 26.72%, a substantial leap from August’s 25.80%.

Statistician-General Prince Semiu Adeyemi Adeniran revealed a 0.92 percentage point increase from August to September 2023. The year-on-year figures are also alarming, with the current rate surging 5.94 percentage points above September 2022’s 20.77%.

Adeniran attributed this spike in the headline index to upswings in prices across various goods and services sectors. Notable increases include food and non-alcoholic beverages at 13.84%, housing, water, electricity, gas, and other fuels at 4.47%, and clothing and footwear at 2.04%.

Despite these rises, the month-over-month headline inflation demonstrates a 1.08% reduction, sitting at 2.10% in September, compared to August’s 3.18%. Meanwhile, the average annual rate for the Consumer Price Index (CPI) rose by 5.47 percentage points from the preceding year, marking a concerning increase.

Food prices, a primary concern, saw a notable year-on-year jump, with the food sub-index escalating to 30.64%. Adeniran pinpointed the culprits as staples such as oil, bread, cereals, and vegetables. However, a month-over-month assessment indicated a slight reprieve for consumers, with a 1.41% decline due to decreased costs in specific food items.

Core inflation, excluding volatile agricultural products and deregulated petroleum products, recorded a 4.35 percentage point rise year-on-year, reaching 21.84%. This inflation extends beyond food, significantly impacting essential services like passenger transport and medical services.

Urban areas felt an intensified impact, with the consumer inflation rate hitting 28.68% in September 2023, a stark increase from the previous year. Conversely, rural areas experienced a slower climb, though the 24.94% inflation rate still presents a significant hurdle for residents.

This data underscores the multifaceted challenges facing both urban and rural consumers amidst fluctuating economic conditions. Authorities and policymakers are now under intensified pressure to stabilize prices and implement strategies to cushion the blow for the nation’s most vulnerable.

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