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Nigeria’s Consumer Price Index (CPI) accelerated for the eleventh consecutive month in September as the country’s macroeconomic conditions continue to deteriorate. The index rose by 17.9 per cent compared with 17.6 per cent recorded in August. On a monthly basis, however, the index rose by 0.8 per cent – its slowest pace this year. In August, headline inflation had increased by 1 per cent.

According to data released by the National Bureau of Statistics on Friday, in September, urban inflation rose by 19.5 per cent from 19.3 per cent recorded in August, while rural inflation increased by 16.4 per cent compared with 16.1 per cent in August.

Food inflation – which comprises of farm produce and processed food – rose by 16.6 per cent, up by 0.19 percent points from 16.4 per cent recorded a month earlier. The Food Sub-Index accounts for 50.71 per cent of the CPI. On a monthly basis, however, food inflation rose at its slowest rate this year at 0.8 per cent.

“A number of groups within the food index recorded falls in the rate of price increases, including Fish, which had previously been a key driver, as well as Oils and Fats, and Fruits,” the NBS said. “The rise in the index was caused by increase in prices of Meat, Bread and cereals and Oil and Fats.”

Core inflation, which excludes the prices of volatile agricultural produce, rose by 17.7 per cent in September as against 17.2 per cent recorded a month earlier. The statistics agency said energy and energy related prices continued to contribute the largest increases in the core sub-index

"Electricity, Solid Fuels and Liquid fuels were the groups to record the highest price increases, although the Imported Food group remained high," the NBS report stated.

Also in September, NBS said the highest price increases were seen in clothing materials, clothing accessories, garments, footwear, books and stationeries, jewellery, clocks and watches, and motorcycles.

"The Naira depreciated 11.8% between September (N445/USD) and August (N398/USD) on average at the parallel FX market," according to a statement released on Monday by CardinalStone Partners, a Lagos-based investment advisory firm.