*The National Bureau of Statistics, in its September 2023 Consumer Price Index and Inflation Report,聽 indicates the rise, especially in food inflation on a year-on-year basis was caused by increases in prices of oil and fat, bread and cereals, potatoes, yam and other tubers, fish, fruit, meat, vegetables and milk, cheese and eggs

Gbenga Kayode | 绿帽献妻

The National Bureau of Statistics (NBS) has disclosed that Nigeria鈥檚 inflation rate rose to 26.72 percent September 2023 amid soaring food and cooking gas prices and harsh economic realities largely induced by the removal of fuel subsidy May 2023.

绿帽献妻 reports the Bureau noted this development in its September 2023 Consumer Price Index (CPI) and Inflation Report released Monday, October 15.

File photo of consumers queuing for cooking gas at a depot in Lagos

The NBS stated the CPI, which measures the changes in the prices of goods and services in the economy, had increased from 25.80 percent August 2023 with an increase of 0.92 percent points.

Besides food price increments in the economy, this publication’s checks at some retail outlets dealing in Liquefied Petroleum Gas (LPG), otherwise known as cooking gas, Monday, in Agege and Ikeja areas of Lagos State have also revealed the 6kg cylinder of cooking gas now sells for as high as N6,600 while the price of 12.5kg gas cylinder is fixed for N13, 700 respectively.

The NBS further stated in its report: “In September 2023, the headline inflation rate increased to 26.72% relative to the August 2023 headline inflation rate which was 25.80%.

鈥淟ooking at the movement, the September 2023 headline inflation rate showed an increase of 0.92% points when compared to the August 2023 headline inflation rate.”

The Bureau further said: “On a year-on-year basis, the headline inflation rate was 5.94% points higher compared to the rate recorded in September 2022, which was 20.77%.鈥�

The food inflation rate in September 2023 was 30.64% on a year-on-year basis, which was 7.30% points higher compared to the rate recorded in September 2022 (23.34%), it noted.

Bread, cereals, vegetables, milk, others push food price inflation rate, says NBS

The market regulatory agency also stated: “The rise in food inflation on a year-on-year basis was caused by increases in prices of oil and fat, bread and cereals, potatoes, yam and other tubers, fish, fruit, meat, vegetables and milk, cheese, and eggs.

On a month-on-month basis, the Food inflation rate September 2023 was 2.45%, this was 1.41% lower compared to the rate recorded in August 2023 (3.87%).

The decline in food inflation on a month-on-month basis was caused by a fall in the rate of increase in the average prices of potatoes, yam and other tubers, bread and cereals, fruits, and fish,鈥� the report noted.

NALPGAM urges government to address cooking gas price hikes

As the effects of fuel subsidy removal bite harder on consumers, the Nigerian Association of Liquefied Petroleum Gas Marketers (NALPGAM) recently appealed to the Federal Government to find a lasting solution to the rising prices of cooking gas in the West African country.

Mr. Abideen Olatunbosun, National President of NALPGAM, made the appeal at the 36th Annual General Meeting (AGM) of the Association held in Ibadan, Oyo State capital, agency report said.

Olatunbosun also expressed the concern like other product consumers in Nigeria, that if the rising gas prices are not addressed, the consumer product might become a commodity only affordable to the affluent.

He also explained: “It is very vital for me to state that continuous increase in the price of gas in recent times stands as a big challenge to LPG marketers.

鈥淭he government needs to find ways to ensure stability of gas price as well as make gas available to common Nigerians.”

The NALPGAM National President stated: “As a country, we need to improve on our gas utilisation level and if we all adopt gas, it will save our forest and improve quality of our lifestyle and the economy will grow.鈥欌��

According to him, the hike in price of gas is a concern to all.

Olatunbosun, therefore, called for collaborative effort between the government and the private sector to establish critical gas infrastructure to ease the effect of the seemingly unending gas price hikes in the Nigerian economy.

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