MON, 17 OCT, 2022-theGBJournal| The National Bureau of Statistics (NBS) today published Nigeria’s inflation data for September.
The data says Nigeria’s headline inflation expanded by 25bps in September to 20.77% y/y (August: 20.52% y/y) – the highest print since September 2005 (24.32% y/y).
The outturn is 41bps below Cordros’ estimate (21.18% y/y) and 23bps lower than Bloomberg’s median consensus estimate (21.00% y/y).
On a month-on-month basis, consumer prices eased by 41bps to 1.36% (August: 1.77% m/m).
Fuelled by disruption in the supply of food products, increase in import cost due to the persistent currency depreciation, general increase in the cost of production, according to the NBS, food inflation increased by 22bps to 23.34% y/y (August: 23.12% y/y).
The pressure in food inflation was driven by increased prices of Bread and cereals, Food products, Potatoes, yams, and other tubers, oil, and fat.
On a month-on-month basis, food inflation settled at 1.43%, relative to the 1.98% m/m recorded in August.
Already reeling from the impact of recent flooding across the country, the ongoing conflict in Ukraine, Nigerian consumers will be further hit by the increases as they spend large chunk of their income on food, gas and other household items.
Similarly, the core inflation rose by 40bps to 17.60% y/y (August: 17.20 y/y) – its highest level since January 2017 (17.87% y/y).
Notably, the highest increases were recorded in prices of Gas, Liquid fuel, Passenger transport by Air, Passenger travel by road, and Solid fuel. Compared to the previous month, the core index was unchanged at 1.59% m/m in September 2022.
At state level, in September 2022, all items inflation rate on a year-on-year basis was highest in Kogi (23.82%), Rivers (23.49%), Benue (22.78%), while Abuja (17.87%), Borno (18.12%), and Adamawa (18.42%) recorded the slowest rise in headline Year-on-Year inflation.
On a month-on-month basis, however, September 2022 recorded the highest increases in Jigawa (2.58%), Yobe (2.22%), Benue (2.05%), while Abuja (-0.72%), Sokoto (-0.19%) and Adamawa (0.25%) recorded the slowest rise on month-on-month inflation.
In September 2022, food inflation on a year-on-year basis was highest in Kwara (33.09%), Kogi (28.46%), and Ebonyi (27.41%), while Kaduna (18.84%), Jigawa (19.20%) and Sokoto (19.44%) recorded the slowest rise on year-on-year food inflation.
On a month-on-month basis, however, September 2022 food inflation was highest in Enugu (2.61%), Ogun (2.50%), and Oyo (2.43%), while Sokoto (-0.88%), Ondo (0.38%) and Niger (0.62%) recorded the slowest rise on month-on-month inflation.
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