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Nigerian Inflation hits its all year high

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CEM Report, Lagos
Nigerian consumer price index, (CPI) increased by 12.82 percent (year-on-year) in July 2020, Nigerian Bureau of Statistics (NBS) said last week.

This figure is  0.26  percent  points  higher  than  the  rate  recorded  in  June  2020  (12.56) percent and the highest since November 2018.

According to the report, Increases for the month of July were  recorded  in  all  COICOP  divisions  that  yielded  the  Headline  index.


On month-on-month basis, the report recorded that the Headline index increased  by  1.25  percent  in  July  2020.  This  is  0.04  percent rate  higher  than  the  rate  recorded  in  June  2020  (1.21)  percent.

The percentage change in  the  average composite CPI for  the  twelve months period ending July  2020 over the  average  of  the  CPI  for  the  previous  twelve  months  period  was  12.05  percent,  representing  a  0.15 percent  point  increase  from  11.90  percent  recorded  in  June  2020.

The  urban  inflation  rate  increased  by  13.40  percent  (year-on-year)  in  July  2020  from  13.18  percent recorded in June 2020, while the rural inflation rate increased by 12.28 percent in July 2020 from 11.99 percent  in  June  2020.

On  a  month-on-month  basis,  the  urban  index  rose  by  1.27  percent  in  July  2020,  up  by  0.04  from  1.23 percent recorded  in  June 2020, while the  rural index also rose by 1.23 percent in  July 2020, up by 0.04 from  the  rate  recorded  in  June  2020  (1.19)  percent.

The  corresponding  twelve-month  year-on-year  average  percentage  change  for  the  urban  index  was 12.66 percent in  July 2020. This is higher than 12.50 percent reported in  June 2020, while the corresponding rural  inflation  rate  in  July  2020  is  11.49  percent  compared  to  11.36  percent  recorded  in  June  2020.

The  composite  food  index  rose  by  15.48  percent  in  July  2020  compared  to  15.18  percent  in  June  2020.

This rise  in  the  food  index was caused by increases  in  prices of Bread and cereals, Potatoes, yam and other tubers, Meat, Fruits, Oils and fats, and Fish.

On month-on-month basis, the food sub-index increased by 1.52 percent in July 2020, up by 0.04 percent points  from 1.48 percent recorded in June 2020.

The average annual rate of change of the Food sub-index for the twelve-month period ending July 2020 over  the previous twelve-month average was 14.63 percent, 0.17    percent points from the average annual rate of change recorded in June 2020  (14.46)  percent.

The  ” All  items  less  farm  produce”  or  Core  inflation,  which  excludes  the  prices  of  volatile  agricultural produce stood at 10.10 percent in July 2020, down by 0.03 percent when compared with 10.13 percent recorded  in  June  2020.

On month-on-month basis, the core sub-index increased by 0.75 percent in July 2020. This was down by 0.11  percent  when  compared  with  0.86  percent  recorded  in  June  2020.

The  highest  increases  were  recorded  in  prices  of  Medical  services,  Passenger  transport  by  air, Pharmaceutical  products,  Hospital  services,  Passenger  transport  by  road,  Maintenance  and  repair  of personal  transport  equipment,  Paramedical  services  and  Vehicle  spare  parts.

The average 12-month annual rate of change of the index was 9.48 percent for the twelve-month period ending  July  2020;  this  is  0.11  percent  points  higher  than  9.37  percent  recorded  in  June  2020.

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