Nigeria Inflation advances by 26.72% in September 2023

In September, Nigeria’s headline inflation rose by 92bps to 26.72% against 25.80% in  August:.

However, on a month-on-month basis, headline inflation eased by 108bps to 2.10%  against 3.18% in  August:.

Food prices remained under pressure in September, as food inflation rose significantly by 130bps to 30.64% y/y (August: 29.34% y/y). The spike in food prices on a year-on-year basis was caused by increases in prices of Oil and fat,

Bread and cereals, Potatoes, Yam and other tubers, Fish, Fruit, Meat, Vegetables and Milk, Cheese, and Eggs. Elsewhere, on a month-on-month basis, food inflation moderated by 2.45%, relative to the 3.87% m/m recorded in August.

In the same vein, the core inflation (All items less farm produce and energy) rose by 69bps to 21.84% y/y (August: 21.15% y/y).

The highest increases were recorded in prices of Passenger Transport by Road, Passenger Transport by Air, Medical Services, Repair of Furniture, Maintenance, and repair of Personal Transport Equipment, etc.

On a monthly basis, the core index settled higher by 5bps to 2.22% m/m in September (August: 2.18% m/m).