Data by the National Bureau of Statistics (NBS) on Tuesday showed that Nigeria’s Consumer Price Index (CPI) or inflation rate increased by 15.98 percent (year-on-year) in September, representing a mere 0.03% decline from 16.01% in August, making it the eighth consecutive decline since January 2017.
Month-on-month, it rose by 0.78%, slower than the 0.97% reported in the preceding month
The drop would have been more significant, but for the continued rise in all major food sub-indexes, led by the food index, which rose by 20.32% year-on-year from 20.25% in prior month. This was driven by rse in the prices of “potatoes, yams and other tubers, milk cheese and eggs, bread and cereals, coffee tea and cocoa, soft drinks, fish, meat and oil and fats.”
Meanwhile, month-on-month, Headline index increased by 0.78% in the review period, down 0.19% points from 0.97% in August.
Month-on-month also, the Food sub-index increased by 0.87% in September, down from 1.14% recorded in August.
“The average annual rate of change of the Food sub-index for the twelve-month period ending in September 2017 over the previous twelve month average was 18.88 percent, 0.31 percent points from the average annual rate of change recorded in August (18.57) percent.
The ”All Items less Farm Produce” or Core sub-index, which excludes the prices of volatile agricultural produce eased further during the month of September to 12.1% from 12.3% recorded in August as all key divisions which contributes to the index increased, the NBS explained.
On a month-on-month basis, the Core sub-index increased by 0.80 percent in September, lower from 0.93% recorded in August, with the highest increases recorded in clothing materials and articles of clothing, solid fuels, garments, passenger transport by air, motorcycles, shoes and other footwear, furniture and furnishing and nondurable household goods.
Urban index rose by 0.05% from 16.13% recorded in August to 16.18% (year-on-year), while the Rural index climbed by 15.81% in September, down from 15.91% in the corresponding period of August, while month-on-month, the urban index rose by 0.84% as against 0.99% recorded in August, while the rural index rose by 0.74% in September 2017, down from 0.95 percent in August.
“The corresponding twelve-month year-on-year average percentage change for the urban index decreased from 18.15% in August to 17.87% in September, while the corresponding rural inflation rate in September was 16.52 percent compared to 16.58% recorded in August 2017,” the report further added.
According to the selected food price index also published on Tuesday by the NBS, across the country, there were increases in prices of brown and white beans (sold loose), just as bread (unsliced 500g) by 10.68%; evaporated tinned milk (carnation)- 170g by 9.76%; evaporated tinned milk (peal) of 170g, which climbed by 8.12% . the price of catfish increased by 7.14%.
The prices of tomato however fell by 25.25% to N322.39 per kilograme on the average across the country, just as that of yam tuber reduced by 24.42% to N259.51 per kg.