Inflation rises by 0.22% to 11.24% in September — NBS

By Folashade Akpan (NAN)

The National Bureau of Statistics (NBS), says inflation rate in September 2019 increased by 0.22 per cent to 11.24 per cent from 11.02 per cent recorded in August.

It said this in its “Consumer Price Index (CPI), September 2019” released on Tuesday in Abuja.

“Increases were recorded in all COICOP divisions that yielded the Headline index.

“On month-on-month basis, the headline index increased by 1.04 per cent in September, this is 0.05 per cent rate higher than the rate recorded in August (0.99) per cent.”

It also said that urban inflation rate increased by 11.78 per cent (year-on-year) in September from 11.48 per cent recorded in August, while the rural inflation rate increased by 10.77 per cent in September from 10.61 per cent in August.

According to the NBS, on a month-on-month basis, the urban index rose by 1.13 per cent in September, up by 0.09 from 1.04 per cent recorded in August.

It added that the rural index also rose by 0 .96 per cent in September, up by 0.03 per cent from the rate recorded in August (0.93) per cent.

The report said that the corresponding twelve-month year-on-year average percentage change for the urban index is 11.63 per cent in September.

This, it said, was higher than 11.62 per cent reported in August, while the corresponding rural inflation rate in September was 10.94 per cent compared to 10.95 per cent recorded in August.

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

“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, up by 0.08 per cent points from 1.22 per cent recorded in August.”

The bureau also said that ”All items less farm produce” or Core inflation, which excludes the prices of volatile agricultural produce stood at 8.94 per cent in September, up by 0.26 per cent when compared with 8.68 per cent recorded in August.

“On month-on-month basis, the core sub-index increased by 0.89 per cent in September.

“This was up by 0.22 per cent when compared with 0.67 per cent recorded in August 2019.

“The highest increases were recorded in prices of cleaning, repair and hire of clothing, repair of household appliance, hospital services and major household appliances.

“Others are glassware, tableware and household utensils, spirits, clothing materials, other articles of clothing accessories, garments and repair and hire of footwear.”

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

By NAN