Kayoed Ogunwale

 

In the financial landscape of September 2023, the headline inflation rate ascended to 26.72 per cent, surpassing its August 2023 counterpart at 25.80 per cent. This shift underscores a 0.92 per cent increment in the headline inflation rate for September when juxtaposed with August. When viewed through a year-on-year lens, the headline inflation rate for September 2023 stood at 20.77 per cent, marking a substantial increase of 5.94 per cent points compared to September 2022. This unmistakably signals a year-on-year upswing in the headline inflation rate for September 2023, diverging from the corresponding month in the preceding year.

Furthermore, dissecting the month-on-month dynamics, September 2023 witnessed a headline inflation rate of 2.10 per cent, registering a 1.08 per cent decline from the 3.18 per cent rate recorded in August 2023. This indicates that the acceleration in the average price level for September 2023 was less pronounced than in the prior month.

Analyzing the percentage change in the average Consumer Price Index (CPI) for the twelve-month period ending in September 2023 relative to the preceding twelve-month period, it posted at 22.90 per cent, reflecting a notable 5.47 per cent increment compared to the 17.43 per cent reported in September 2022.

The Urban inflation rate for September 2023, on a year-on-year basis, reached 28.68 per cent, indicating a substantial 7.43 per cent surge compared to September 2022’s 21.25 per cent. On a month-on-month basis, urban inflation in September 2023 recorded 2.24 per cent, marking a 1.05 per cent decrease from the August 2023 rate of 3.29 per cent. The corresponding twelve-month average for urban inflation in September 2023 stood at 24.10 per cent, signifying a notable 6.16 per cent increase from the 17.94 per cent reported in September 2022.

In the realm of rural inflation, the year-on-year rate for September 2023 was 24.94 per cent, marking a noteworthy 4.62 per cent surge when juxtaposed with September 2022’s 20.32 per cent. On a month-on-month basis, rural inflation for September 2023 measured 1.96 per cent representing a 1.12 per cent decrease from the August 2023 rate of 3.08 per cent. The corresponding twelve-month average for rural inflation in September 2023 registered at 21.79 per cent, indicating a substantial 4.85 per cent upturn compared to the 16.94 per cent recorded in September 2022.