back to top

NNPC fuel pump increase hikes up inflation to 32.70

NIGERIA’s headline inflation rose to 32.70 per cent in September from 32.15 per cent rate in August, following a hike in the price of petrol by the Nigerian National Petroleum Company Limited (NNPCL).

The National Bureau of Statistics (NBS) disclosed the latest inflation figure in its monthly Consumer Price Index report released on Tuesday, October 15.

The 0.55 per cent increase in inflation was propelled by increases in transportation costs and food prices.

Inflationary pressure has eased for the last two consecutive months July and August.

However, on Tuesday, September 3, the NNPCL adjusted its pump price to N855+.

The upward adjustment impacted the cost of transportation and other commodity prices negatively, with transport fares rising by over 50 per cent, The ICIR reported.

The NBS report shows that September headline inflation increased by 5.98 per cent on a year-on-year basis, higher than the 26.72 per cent recorded in the corresponding month of 2023.

The food inflation rate rose to 37.77 per cent from 37.52 per cent in August and much higher year-on-year from the 30.64 per cent recorded in September 2023.

The NBS linked the increase in food inflation to the rising prices of items such as beer (local and foreign) in the tobacco class, vegetable oil, groundnut oil, and palm oil in the oil and fats class, as well as beef, gizzard, dried beef in the meat class, and products like Lipton, Milo, and Bournvita.

Core inflation, which excludes volatile agricultural products and energy prices, tempered to 27.43 per cent from 27.58 per cent in August.




     

     

    Read Also:

    On a year-on-year basis, it increased by 5.59 per cent compared to 21.84 per cent in September 2023.

    The largest price increases in core inflation were seen in items such as rent (actual and imputed rentals for housing), intercity bus journeys, taxi fares (under passenger transport by road), meals at local restaurants (accommodation services), and others.

    According to NBS, headline inflation was highest in  Bauchi at 44.83 per cent, Sokoto at 38.74 per cent and Jigawa at 38.39 per cent on a year-on-year basis.

    Also, food inflation was highest in Sokoto at 50.47 per cent, Gombe at 44.09 per cent, and Yobe aat43.51 per cent on a year-on-year basis.

    Join the ICIR WhatsApp channel for in-depth reports on the economy, politics and governance, and investigative reports.

    Support the ICIR

    We invite you to support us to continue the work we do.

    Your support will strengthen journalism in Nigeria and help sustain our democracy.

    If you or someone you know has a lead, tip or personal experience about this report, our WhatsApp line is open and confidential for a conversation

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here


    Support the ICIR

    We need your support to produce excellent journalism at all times.

    -Advertisement-

    Recent

    - Advertisement