The consumer price index, (CPI) which measures inflation increased by 1.04 percent in September 2019, this is 0.05 percent rate higher than the rate recorded in August 2019 (0.99) percent. The Nigerian Bureau of Statistics reported Monday 14.
This increase truncated the consecutive disinflation for 3 months
Inflation for September was expected to increase due to expected impact of the partial border closure which raised the prize of rice and other related products. The NBS had remarked that the inflation rate for August was despite recent pronouncements regarding restriction on import of some food items, minimum wage and partial closure of the border. In this regard, analysts projected an increase in inflation for September
On year-on-year basis, the Headline index increased by 11.24 percent (year-on-year) in September 2019. This is 0.22 percent points higher than the rate recorded in August 2019 (11.02) percent.
Increases were recorded in all COICOP divisions that yielded the Headline index.
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 percent, showing 0.003 percent point from 11.271 percent recorded in August 2019.
The urban inflation rate increased by 11.78 percent (year-on-year) in September 2019 from 11.48 percent recorded in August 2019, while the rural inflation rate increased by 10.77 percent in September 2019 from 10.61 percent in August 2019.
On a month-on-month basis, the urban index rose by 1.13 percent in September 2019, up by 0.09 from 1.04 percent recorded in August 2019, while the rural index also rose by 0.96 percent in September 2019, up by 0.03 from the rate recorded in August 2019 (0.93) percent.
The corresponding twelve-month year-on-year average percentage change for the urban index is 11.63 percent in September 2019. This is higher than 11.62 percent reported in August 2019, while the corresponding rural inflation rate in September 2019 is 10.94 percent compared to 10.95 percent recorded in August 2019.
The NBS further states in the September CPI report that composite food index rose by 13.51 percent in September 2019 compared to 13.17 percent in August 2019, this is an increase of 0.34 percent.
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 percent in September 2019, up by 0.08 percent points from 1.22 percent recorded in August 2019.
The average annual rate of change of the Food sub-index for the twelve-month period ending September 2019 over the previous twelve-month average was 13.47 percent, 0.01 percent points from the average annual rate of change recorded in August 2019 (13.46) percent.
Core inflation, which excludes the prices of volatile agricultural produce stood at 8.94 percent in September 2019, up by 0.26 percent when compared with 8.68 percent recorded in August 2019.
On month-on-month basis, the core sub-index increased by 0.89 percent in September 2019. This was up by 0.22 percent when compared with 0.67 percent recorded in August 2019.
