Rising food prices again push up inflation to 26.72%

Rising food prices again push up inflation to 26.72%

 

The high cost of food items is largely responsible for the rise in inflation, hitting 26.72 per cent in September 2023.

National Bureau of Statistics disclosed this in a statement on Monday.

It said the Consumer Price Index (CPI) measuring the rate of change in prices of goods and services rose to 26.72 per cent in September 2023 — up from 25.80 per cent in August.

This is the ninth consecutive rise in the country’s inflation rate this year.

In September, the NBS said, the inflation rate increased by 0.92 per cent compared to the August figure.

The bureau said the rise in food inflation 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.

“In September 2023, food inflation on a year-on-year basis was highest in Kogi (39.37%), Rivers (35.95%), and Lagos (35.66%),” the report stated.

The NBS also said, “Looking at the movement, the September 2023 headline inflation rate showed an increase of 0.92% points when compared to the August 2023 headline inflation rate.

“On a year-on-year basis, the headline inflation rate was 5.94% points higher compared to the rate recorded in September 2022, which was 20.77%.

“This shows that the headline inflation rate (year-on-year basis) increased in September 2023 when compared to the same month in the preceding year (i.e., September 2022).”