IBADAN, Nigeria--Nigeria's annual inflation rate rose to 26.7% in September from 25.8% a month earlier, the country's National Bureau of Statistics said Monday.
This is the ninth consecutive month that the West African country's inflation rate has risen, and compared with 21.3% in December, it said.
Food inflation, which accounts for agricultural products, increased to 30.64% in September from 29.3% in the previous month, the NBS said.
The rise in food inflation 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.
However, the overall increase in prices was largely due to a hike in electricity tariffs and energy prices.
The price of diesel oil used for heavy transport has more than double compared with a year ago, while petrol prices are around three times higher than at end of May when the government removed a subsidy on petrol.
Prices have also been driven up by the Central Bank of Nigeria's decision to allow a free float of the national currency, against the dollar and other global currencies, which resulted in a depreciation of the naira.
The naira is currently trading at NGN765 to a dollar from NGN450 in May.
The high cost of petrol and naira depreciation have resulted in sharp increases in the prices of food, transportation, housing, medicines, cocoa chemicals, industrial raw materials and other essential items, an economist said.
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(END) Dow Jones Newswires
10-16-23 1151ET
