Afrigather Nigeria’s inflation charge reaches 26.72% in September 2023, amid hovering meals costs and harsh financial realities.
Knowledge from the Nationwide Bureau of Statistics (NBS) Shopper Worth Index places Nigeria’s headline inflation at 26.72% for the month of September 2023. The most recent numbers from the NBS symbolize a seamless uptrend in Africa’s largest financial system’s inflation charge. Nigeria’s headline inflation for September elevated by 0.92% factors when in comparison with the August 2023 headline inflation charge of 25.80%. Nigeria’s inflation charge additionally elevated on a year-on-year foundation.
Inflation figures recorded for September this yr had been 5.94% greater when in comparison with September within the earlier yr. Additionally, the headline inflation for September was 1.08% decrease than the one recorded for August 2023. That means that the adjustments within the costs of products and companies in September had been lower than in August 2023.
Meals continues to be Nigeria’s greatest driver of inflation. Per the report, the meals inflation charge for September 2023 was 30.64% on a year-on-year foundation, which was 7.30% factors greater in comparison with the speed recorded in September 2022 (23.34%). The report attributes the rise in meals costs to extend within the costs of oil and fats, bread and cereals, potatoes, yam and different tubers, fish, fruit, meat, greens, milk, cheese, and eggs. Nevertheless, meals costs fell on a month-to-month foundation. Meals inflation charge recorded in September was 1.4% decrease than the speed recorded within the earlier month.
Nigeria’s inflation stays on a steady uptrend regardless of a number of financial measures by the nation’s central financial institution to tame the rising inflation charges. Meals additionally continues to be the most important mover of Nigeria’s inflation in current occasions. Meals inflation has been pushed up by the elimination of gasoline subsidies, which has led to elevated costs of meals throughout the nation. At present’s inflation information suggests an elevated have to arrest meals inflation. The federal government had earlier proposed a commodity board to resolve the issue of meals inflation however has to date confirmed ineffective.
