Saturday, October 31, 2020

Inflation rate hits 30-month high at 13.7% – NBS

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By Elizabeth Adegbesan

ECONOMY

The The National Bureau of Statistics (NBS) reported yesterday that the inflation rate in Nigeria rose to a 30-month high of 13.71 percent in September 2020, 0.49 percent higher than the 13.22 percent recorded. in August.

This represents the highest inflation rate the country has recorded since March 2018, when it stood at 13.34 percent.

Meanwhile, analysts at United Capital Management Limited have projected that the ongoing protests of the Special Anti-Robbery Squad (SARS), the high liquidity of the financial system without a commensurate increase in economic output, the shortage of food supplies, the Structural bottlenecks and currency market challenges will put further pressure on the nation’s incumbent. inflation until the end of the year.

The NBS report stated: “The consumer price index (CPI) that measures inflation increased by 13.71 percent (year-on-year) in September 2020. This is 0.49 percentage points more than the rate registered in August. 2020 (13.22) percent. Increases were registered in all divisions of the Classification of Individual Consumption by Purpose (COICOP) that produced the general index.

“On a monthly basis, the general index increased by 1.48 percent in September 2020. This is a rate 0.14 percent higher than the rate recorded in August 2020 (1.34 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. 2020 from 12.65 percent in August 2020.

“On a monthly basis, the urban index rose 1.56 percent in September 2020, 0.14 percent more than the 1.42 percent recorded in August 2020, while the rural index also rose 1 , 40 percent in September 2020, 0.13 percent more than the rate registered in August 2020 (1.27 percent) ”.

On food inflation, NBS said: “The food composite index increased 16.66 percent in September 2020 compared to 16.00 percent in August 2020. This increase in the food index was caused due to increases in the prices of bread and cereals, potatoes, yams and other tubers, Meats, Fish, Fruits and Oils and fats.

“On a monthly basis, the food subindex increased 1.88 percent in September 2020, an increase of 0.21 percentage points from 1.67 percent in August 2020.”

Commenting on the development, United Capital Management analysts said: “Looking ahead, we reiterate that the outlook for the headline inflation rate remains biased upward for the remainder of the year despite the recent suspension of reflective electricity rates. from service.

“In particular, pressure on the food inflation subindex is likely to continue through the end of the year due to supply shortages, structural bottlenecks and currency market challenges. Furthermore, the current social unrest across the country, which appears to be disrupting business activities, is likely to leave a negative imprint on the headline figures. “

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