Urban, Food Inflation Spike Nigeria’s CPI To 11.24% Rise In Sept

Urban, Food Inflation Spike Nigeria’s CPI To 11.24% Rise In Sept

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Post Views: 82 Latest data by the National Bureau of Statistics (NBS), on Tuesday, said Nigeria’s Consumer Price Index (CPI), which measures inflation...

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Latest data by the National Bureau of Statistics (NBS), on Tuesday, said Nigeria’s Consumer Price Index (CPI), which measures inflation, increased by 0.22% to 11.24% (year-on-year) in September 2019. This is 0.22 percent points higher than the 11.02% recorded in August
On month-on-month basis, the headline index inched by 1.04% in the period, up by 0.05% rate higher than the 0.99% reported in the preceding month.
The increase result from the twin effects of the growth recorded in urban and food inflation rate recorded a significant 11.78% growth YoY in September 2019 from 11.48% recorded in August 2019, while food inflation index soared to 13.51% from 13.17%. The rural inflation rate, however increased by 10.77% in September 2019 from 10.61%; while on MoM, the urban index rose by 1.13 percent in September 2019, up by 0.09 from 1.04% recorded in August 2019, while the rural index also rose by 0.96% in September 2019, up by 0.03 from the rate recorded in August 2019 (0.93%).
The rise in “the food index was caused by increases in prices of Bread and cereals, Oils and fats, Meat, Potatoes, Yam and other tubers, Fish and Vegetables.”
On month-on-month basis, the food sub-index increased by 1.3% in September 2019, up by 0.08%, from 1.22 percent recorded in August 2019, following which it averaged 13.47% over the past 12 months, 0.01% from the 13.46% average annual rate of change recorded.
On a state-by-state basis, all items inflation YoY in September, was highest in Kebbi at 14.09%; followed by Bauchi, 13.74%; and Plateau, 13.25%; just as Kwara recorded the slowest growth of 8.46% in headline in the period. It was followed by Bayelsa, 9.40%; and Delta, 9.72%.
On month-on-month basis however, September 2019 all items inflation was at its peak in Kogi, which recorded 3.18%; Ondo, 2.17%; and Kwara, 2.02%; while the slowest growth rate was seen in Zamfara, 0.33%; River, 0.41%; and Kano, 0.45%.
Food inflation YoY for the period under review was highest in Niger, 16.65%; Nasarawa, 16.57%; and Abuja, 16.31%; but slowest in Bayelsa, 9.95%; followed by Benue, 11.22%; and Akwa Ibom, 11.72%.
MoM also, September 2019 food inflation was highest in Kogi, 4.90%; Delta, 3.82%; and Kwara, 3.70%; just as it recorded the slowest growth in Zamfara, 0.17%; and Kano, 0.18%; even as Rivers recorded a price deflation or negative inflation (general decrease in the general price level of food or a negative food inflation rate.

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