Headline Inflation rose to 20.77% in September 2022

Nigeria’s Consumer Price Index (CPI) for the month of September 2022 accelerated to 20.77% Y-o-Y (vs Bloomberg median estimate +21.00%), an increase of c.0.25% from 20.52% Y-o-Y recorded in the month of August 2022. On a month-on-month basis, however, headline inflation grew at a slower pace of 1.36% in September, vs 1.77% recorded in August.

Food inflation expanded to 23.34% from 23.12% recorded in August 2022 while core inflation, which strips out the cost of food and energy, quickened to 17.60% in September, compared with 17.20% in August 2022.

Please see below, an overview of September’s Inflation:

On a monthly basis, the headline index grew by 1.36% in September (vs 1.77% in August)

The core index grew by 1.59% M-o-M in September,  while the food sub-index also grew at a slower pace of 1.43% M-o-M compared to 1.98% in August.

The urban inflation rate increased to 21.25% Y-o-Y (vs 20.95% Y-o-Y in August 2022).

The rural inflation rate advanced to 20.32% Y-o-Y (vs 20.12% Y-o-Y in August 2022).

The floods hitting Nigeria’s food-producing regions, insecurity in food-producing states and continued currency weakness are likely to place upward pressure on prices in the coming months.

Leave a Reply

Your email address will not be published. Required fields are marked *