The Consumer Price Index (CPI) which measures change in prices of goods and commodities increased to 26.72 per cent in September, compared to 25.80 per cent in the preceding month, the National Bureau of Statistics (NBS) disclosed yesterday. Year-on-year, food inflation rose to 30.64 per cent, or 7.30 per cent rise compared to 23.34 per cent in September 2022.
Core inflation, which excludes the prices of volatile agricultural produce and energy, stood at 21.84 per cent year on year, up by 4.35 per cent when compared to the 17.49 per cent recorded in September 2022.
According to the CPI Report for September, which was released by the statistical agency, the rise in the food Index, year-on-year was attributed to increases in the prices of oil and fat, bread and cereals, potatoes, yam and other tubers, fish, fruit, meat, vegetables and milk, cheese, and eggs.
However, month on month, food inflation dropped to 2.45per cent in September which was 1.41 per cent lower than the 3.87 per cent recorded in August. The decline was attributed to a fall in the rate of increase in the average prices of potatoes, yam and other tubers, bread and cereals, fruits, and fish.
