Food supply disruption, others push inflation to 20.77%

Disruption in food supply in the nation pushed headline inflation to 20.77 per cent in September according to the National Bureau of Statistics.

In August, inflation hits 20.52 per cent, a record high. The statistics body disclosed this in its ‘Consumer Price Index’ report that was released on Monday.

It said the likely factors for the increase in inflation year-on-year are, the disruption in the supply of food products, an increase in import cost due to the persistent currency depreciation, and a general increase in the cost of production.

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It also stated that over the past two months, there has been a decline in headline inflation on a month-on-month basis due to a decline in the changes in the food index relative to the reference month index which is due to the present harvest season.

The NBS said, “In September 2022, on a year–on–year basis, the headline inflation rate was 20.77 per cent. This was 4.14 per cent points higher compared to the rate recorded in September 2021, which was (16.63 per cent).

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“This indicates that in the month of September 2022 the general price level was 4.14 per cent higher relative to September 2021. On a month-on-month basis, the Headline inflation rate in September 2022 was 1.36 per cent, this was 0.41 per cent lower than the rate recorded in August 2022 (1.77 per cent).

“This means that in the month of September 2022, the headline inflation rate (month–on–month basis) declined by 0.41 per cent, relative to August 2022. The percentage change in the average CPI for the twelve-month period ending September 2022 over the average of the CPI for the previous twelve-month period was 17.43 per cent, showing a 0.60 per cent increase compared to 16.83 per cent recorded in September 2021.”