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