Nigeria Annual Inflation Rises to 11.24% in Sept

Annual inflation in Nigeria stood at 11.24 per cent in September, compared with 11.02 per cent in August, the National Bureau of Statistics, NBS, said on Tuesday.

A separate food price index showed inflation at 13.51 per cent in September, compared with 13.17 per cent in August.

The Consumer price index (CPI) report as released by the NBS shows that inflationary pressure resurfaced in September, as the headline inflation widened by 22bps to 11.24 per cent y/y from 11.02 per cent y/y in August. The reading is 24bps higher than Bloomberg’s median consensus estimate of 11.0 per cent. On a month-on-month basis, the headline index rose at a faster pace of 1.04 per cent (August: 0.99 per cent).

Food inflation rose by 13.51 per cent y/y in the review period, a faster increase relative to 13.17 per cent y/y recorded in August. Notably, the highest increases were recorded in Bread and cereals, Oils and fats, Meat, Potatoes, yam, and other tubers, Fish and Vegetables. On a month-on-month basis, food inflation increased by 1.30 per cent, relative to the 1.22 per cent recorded in the previous month.

Also, core inflation widened by 8.94 per cent y/y (vs 8.68 in August), the highest since May 2019. Pressures were most significant in prices of Cleaning, Repair and hire of clothing, Repair of household appliance, Hospital services, Major household appliances, Glassware, tableware, and household utensils, Spirits, Clothing materials, other articles of clothing accessories, Garment and Repair and hire of footwear.

Similarly, on a month-on-month basis, the core index increased by 0.89 per cent, relative to the 0.67 per cent recorded in the previous month.