NBS: Nigeria’s inflation rate hits 13.71% as food prices soar

Nigeria’s inflation rate hits 12
’s inflation rate hits 12
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According to the National Bureau of Statistics (NBS), the Nigerian inflation rate rose to 13.71% (year-on-year) in September 2020 indicating 0.49% point higher than 13.22% recorded in August 2020.

Naijtech obtained this in a Consumer Price Index (CPI) report published on its official website on Thursday, October 15.

According to NBS’s report, This is 0.49 percent points higher than the rate recorded in August 2020 (13.22) percent.

Read the full report below:

NBS in its consumer price index, (CPI) which measures inflation increased by 13.71 percent (year-on-year) in September 2020. This is 0.49 percent points higher than the rate recorded in August 2020 (13.22) percent.

Increases were recorded in all COICOP divisions that yielded the Headline index. On a month-on-month basis, the Headline index increased by 1.48 percent in September 2020. This is 0.14 percent rate higher than the rate recorded in August 2020 (1.34) percent.

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The percentage change in the average composite CPI for the twelve months period ending September 2020 over the average of the CPI for the previous twelve months period was 12.44 percent, showing 0.21 percent point from 12.23 percent recorded in August 2020.

On a month-on-month basis, the NBS urban index rose by 1.56 percent in September 2020, up by 0.14 from 1.42 percent recorded in August 2020, while the rural index also rose by 1.40 percent in September 2020, up by 0.13 from the rate recorded in August 2020 (1.27 percent).

The urban inflation rate increased by 14.31 percent (year-on-year) in September 2020 from 13.83 percent recorded in August 2020, while the rural inflation rate increased by 13.14 percent in September 2020 from 12.65 percent in August 2020.

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The corresponding twelve-month year-on-year average percentage change for the urban index is 13.07 percent in September 2020.

This is higher than 12.85 percent reported in August 2020, while the corresponding rural inflation rate in September 2020 is 11.86 percent compared to 11.66 percent recorded in August 2020.

In analysing price movements under this section, note that the CPI is weighted by consumption expenditure patterns which differ across states. Accordingly, the weight assigned to a particular food or non-food item may differ from state to state making interstate comparisons of consumption basket inadvisable and potentially misleading.

All Items Inflation

In September 2020, all items inflation on year on year basis was highest in Bauchi (17.85%), Zamfara (17.42%) and Kogi (16.66%), while Lagos (11.19%), Abuja (10.59%) and Kwara (10.53%) recorded the slowest rise in headline Year on Year inflation.

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On month on month basis however, September 2020 all items inflation was highest in Bauchi (3.36%), Kogi (2.63%) and zamfara (2.75%), while Nasarawa (0.66%), Abuja (0.64%) and Ondo (0.31%) recorded the slowest rise in headline month on month inflation.

Food Inflation

In September 2020, food inflation on a year on year basis was highest in Zamfara (20.94%),Kogi (19.06%) and Plateau/Yobe (18.90%), while Nasarawa (13.94%), Lagos (13.87%) and ondo (13.59%) recorded the slowest rise.

On month on month basis, however, September 2020 food inflation was highest in Zamfara (3.65%), Anambra (3.19%), and Kaduna (3.15%), while Nasarawa (0.51%) and Abuja (0.15%) recorded the slowest rise with Ondo recording price deflation or negative inflation (general decrease in the general price level of food or a negative food inflation rate)

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