Inflation increases by 11.24% in September 2019 – NBS

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NBS

By Kayode Tokede

The National Bureau of Statistics  (NBS) has said Consumer Price Index, (CPI) which measures inflation increased by 11.24 per cent (year-on-year) in September 2019.

This is 0.22 per cent points higher than the 11.02 per cent recorded in August 2019.

The bureau in its report on Tuesday said on month-on-month basis, the headline index increased by 1.04 per cent in September 2019, this is 0.05 per cent rate higher than the rate recorded in August 2019 (0.99) per cent.

According to NBS report, “The percentage change in the average composite CPI for the twelve months period ending September 2019 over the average of the CPI for the previous twelve months period was 11.268 per cent, showing 0.003 per cent point from 11.271 per cent recorded in August 2019.

“The urban inflation rate increased by 11.78 per cent (year-on-year) in September 2019 from 11.48 per cent recorded in August 2019, while the rural inflation rate increased by 10.77 per cent in September 2019 from 10.61 per cent in August 2019.

“On a month-on-month basis, the urban index rose by 1.13 per cent in September 2019, up by 0.09 from 1.04 per cent recorded in August 2019, while the rural index also rose by 0.96  per cent in September 2019, up by 0.03 from the rate  recorded in August 2019 (0.93) per cent.

“The corresponding 12-month year-on-year average percentage change for the urban index is 11.63 per cent in September 2019.

“This is higher than 11.62 per cent reported in August 2019, while the corresponding rural inflation rate in September 2019 is 10.94 per cent compared to 10.95 per cent recorded in August 2019.”

The report by NBS said the composite food index rose by 13.51 per cent in September 2019 compared to 13.17 per cent in August 2019.

“This 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 1.30 per cent in September 2019, up by 0.08 per cent points from 1.22 per cent recorded in August 2019.”

The bureau in its report said “average annual rate of change of the Food sub-index for the twelve-month period ending September 2019 over the previous 12-month average was 13.47 per cent, 0.01  per cent points from the average annual rate of change recorded in August 2019 (13.46) per cent.”

Inflation by state revealed that in September 2019, all items inflation on year on year basis was highest in Kebbi (14.09 per cent), Bauchi (13.74 per cent) and Plateau (13.25per cent), while Delta (9.72per cent),  Bayelsa (9.40per cent) and Kwara (8.46per cent) recorded the slowest rise in headline Year on Year inflation.

“On month on month basis however, September 2019 all items inflation was highest in Kogi (3.18per cent),Ondo (2.17per cent) and Kwara (2.02per cent), while Kano (0.45per cent), River (0.41per cent) and Zamfara (0.33per cent) recorded the slowest rise.

“In September 2019, food inflation on a year on year basis was highest in Niger (16.65per cent), Nasarawa (16.57per cent) and Abuja (16.31per cent), while Akwa Ibom (11.72per cent), Benue (11.22per cent) and Bayelsa (9.95per cent) recorded the slowest rise.

“On month on month basis, however, September 2019 food inflation was highest in Kogi (4.90per cent), Delta (3.82per cent) and Kwara (3.70per cent), while Kano (0.18per cent) and Zamfara (0.17per cent) recorded the slowest rise with River recording price deflation or negative inflation (general decrease in the general price level of food or a negative food inflation rate),” the report added.

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