Nigeria’s Inflation Rate Increased 9.4 Percent in September

Nigeria’s inflation rate increased from 9.3 percent recorded in August to 9.4 percent in September.

According to the National Bureau of Statistics (NBC) the Consumer Price Index (CPI) which measures inflation rate increased as a result of higher food and non-food divisions-Alcoholic Beverage, Tobacco and Kola; Clothing and Footwear; and Housing, Water, Electricity, Gas and Other Fuels divisions which contribute to the surge in consumer prices.

However, this surge in prices may have been due to the Muslim holidays and an increase in the cost of production as a result of forex restrictions by the central bank on certain importations.

Core CPI increased by 8.9 percent in September compared with 9 percent recorded in August, which is most likely as a result of slow demand in textile, Fuels and lubricants for personal transport equipment, hotel accommodation services and miscellaneous goods and services divisions.

The Food Sub-index recorded a marginal 10.2 percent (year-on-year) in September from 10.1 percent in August, indicating an increase in prices in major categories such as Meats, Fish, Bread and Cereals; Oils and Fats groups.