Economy

Inflation rises by 0.49% in September- NBS

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The National Bureau of Statistics (NBS) says inflation rate in September rose by 0.49 per cent to 13.71 per cent from 13.22 per cent recorded in August.

NBS made this known in its Consumer Price Index (CPI) for September released on Thursday in Abuja.

It said the increase in the inflation in September was on a year-on-year basis.

It said that increases were recorded in all Classification of Individual Consumption by Purpose (COICOP) divisions that yielded the Headline Index.

It said on a month-on-month basis, the headline index increased by 1.48 per cent in September, showing 0.14 per cent rate higher than the rate recorded in August of 1.34 per cent.

“The percentage change in the average composite CPI for the 12 months’ period ending September over the average of the CPI for the previous 12 months period was 12.44 per cent.

“Showing 0.21 per cent point from 12.23 per cent recorded in August.”

The NBS said that urban inflation rate increased by 14.31 per cent (year-on-year) in the month under review from 13.83 per cent recorded in August.

“While the rural inflation rate increased by 13.14 per cent in September from 12.65 per cent in August.

It added that on a month-on-month basis, the urban index rose by 1.56 per cent in September, up by 0.14 per cent from 1.42 per cent recorded in August.

The rural index also rose by 1.40 per cent in September, up by 0.13 from the rate recorded in the previous month 1.27 per cent.

“The corresponding 12-month year-on-year average percentage change for the urban index is 13.07 per cent in September.

“This is higher than 12.85 per cent reported in August, while the corresponding rural inflation rate in September is 11.86 per cent compared to 11.66 per cent recorded in August.

The NBS also said that composite food index rose by 16.66 per cent in September compared to 16.00 per cent in August.

It said that the rise in the food index was caused by increases in prices of bread and cereals, potatoes, yam and other tubers, meat, fish, fruits and oils and fats.

It said that on month-on-month basis, the food sub-index increased by 1.88 per cent in September, up by 0.21 per cent points from 1.67 per cent recorded in August.

“The ”All items less farm produce” or Core inflation, which excludes the prices of volatile agricultural produce stood at 10.58 per cent in September, up by 0.06 per cent when compared with 10.52 per cent recorded in August.

NBS said that on month-on-month basis, the core sub-index increased by 0.94 per cent in September. This was down by 0.11 per cent when compared with 1.05 per cent recorded in August.”

It said the highest increases were recorded in prices of passenger transport by air, medical services, hospital services, pharmaceutical products and passenger transport by road.

Others are motor cars, vehicle spare parts, maintenance and repair of personal transport equipment, repair of furniture and paramedical services.

For state profiles, the report said that all items inflation on year –on-year basis was highest in Bauchi at 17.85 per cent, Zamfara followed with 17.42 per cent and Kogi with 16.66 per cent, while Lagos which stood at 11.19 per cent, Abuja 10.59 per cent and Kwara 10.53 per cent recorded the slowest rise in headline Year on Year inflation.

On a month-on-month basis however all items inflation was highest in Bauchi at 3.36 per cent, Kogi at 2.63 per cent and Zamfara 2.75 per cent.

While Nasarawa, which stood at 0.66 per cent, Abuja 0.64 per cent and Ondo with 0.31 per cent recorded the slowest rise in headline month-on-month inflation.

For food inflation, the NBS said that on a year-on-year basis, it was highest in Zamfara at 20.94 per cent, Kogi 19.06 per cent and Plateau/Yobe 18.90 per cent.

Nasarawa stood at 13.94 per cent, Lagos 13.87 per cent and Ondo 13.59 per cent recorded the slowest rise.

On month-on-month basis, however, food inflation was highest in Zamfara at 3.65 per cent, Anambra 3.19 per cent and Kaduna 3.15 per cent.

Nasarawa is put at 0.51 per cent and Abuja at 0.15 per cent recorded the slowest rise.

“However, Ondo recorded price deflation or negative inflation (general decrease in the general price level of food or a negative food inflation rate).”

The News Agency of Nigeria reports that CPI measures the average change over time in prices of goods and services consumed by people for day-to-day living.

Edited By: Joseph Edeh/Grace Yussuf
Source: NAN

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