The decline in the all-items index on a month-on-month basis, that is over the two months was due to the changes in the food index relative to the reference month index which is due to the ongoing harvesting season.
The percentage change in the average CPI for all items index for the twelve months ending September 2022 over the average of the CPI for the previous twelve months period was 17.43 per cent, showing a 0.6 per cent increase compared to 16.83 per cent recorded in September 2021.
The food sub-index increased by 23.34 per cent on a year-on-year basis in September 2022; the inflation rate was 3.77 per cent higher compared to the 19.57 per cent rate recorded in September 2021.
The NBS stated that the rise in the food index was caused by increases in prices of Bread and cereals, Food products n.e.c, Potatoes, yam and other tubers, oil and fat.
On a month-on-month basis, the food inflation rate in September was 1.43 per cent, this was a 0.54 per cent decline compared to 1.98 per cent recorded in August 2022.
This decline was attributed to a reduction in prices of some food items like Tubers, Palm oil, Maize, Beans, and Vegetables.
The average annual rate of food inflation for the twelve months ending September 2022 over the previous twelve-month average was 19.36 per cent, which was 1.35 per cent points decline from the average annual rate of change recorded in September 2021 (20.71%).
The index for all items less farm produce (Core inflation), which excludes the prices of volatile agricultural produce stood at 17.60 per cent in September 2022 on a year-on-year basis; the index rose by 3.86 percent when compared to 13.74 percent recorded in September 2021.
The consumer price index for urban consumers rose by 4.06 percent on a year-on-year basis, this means that in September 2022, the urban inflation rate was 21.25 percent higher, compared to the 17.19 percent recorded in September 2021, while on a month-on-month basis, the urban inflation rate was 1.46 per cent in September 2022, this shows 0.34 per cent decline compared to 1.79 per cent in August 2022.
The corresponding twelve-month average for the urban inflation rate was 17.94 per cent in September 2022, and this was 0.53 per cent higher compared to the 17.41 per cent reported in September 2021.
The inflation rate for rural consumers in September 2022 was 20.32 per cent on a year-on-year basis; this was 4.24 per cent higher compared to the 16.08 per cent recorded in September 2021.
On a month-on-month basis, the rural inflation rate in September 2022 was 1.27 per cent, down by 0.48 per cent compared to 1.75 per cent recorded in August 2022.
The corresponding twelve-month average for the rural inflation rate in September 2022 was 16.94 per cent, and this was 0.68 per cent higher compared to the 16.26 per cent recorded in September 2021.
The NBS stated that “on the states profiles, all item’s inflation rates for September 2022 on a year-on-year basis were highest in Kogi with 23.82 per cent, River 23.49 percent, Benue 22.78 percent, while Abuja recorded 17.87 percent, Borno 18.12 percent and Adamawa 18.42 percent recorded the slowest rise in headline Year-on-Year inflation”.
However, on a month-on-month basis, “the state all items index for September 2022, recorded the highest rate in Jigawa with 2.58 percent, Yobe 2.22 percent, Benue (2.05 %), while Abuja had -0.72 percent, Sokoto -0.19 percent and Adamawa 0.25 percent recorded the slowest rise in inflation”.
The Consumer price index (CPI) measures the changes in the general price level of a basket of goods and services purchased by households for consumption purposes relative to a base period, and the inflation rate is computed from the CPI index, which is the relative change in the CPI between periods.
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