Wednesday, October 21, 2020

Newcomer: Nigeria’s inflation rises to 13.7%

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Nigerian inflation has continued to trend upward, increasing by 13.71% (YoY) in September 2020.

A monthly report released by the National Bureau of Statistics, NBS on Thursday said the increase is 0.49 point percent higher than the rate (13.22) percent recorded in August 2020.

According to the report, the increase in inflation is due to the increases registered in the prices of passenger transport by air, medical services, hospital services, pharmaceuticals, passenger transport by road, automobiles, vehicle parts, maintenance and repair of personal. transportation equipment, furniture repair and paramedical services.

He also indicated that the increases were registered in all divisions of the Classification of Individual Consumption by Purpose (COICOP) that produced the Headline index.

On a monthly basis, the Headline Index increased 1.48 percent in September 2020. This is a rate 0.14 percent higher than the rate of 1.34 percent recorded in the previous month.

The percentage change in the average composite CPI for the twelve-month period ending in September 2020 over the average CPI for the previous twelve-month period was 12.44 percent, showing 0.21 percent from the 12 , 23 percent registered in August 2020.

The urban inflation rate increased by 14.31% (YoY) in September 2020 from 13.83% recorded in August 2020, while the rural inflation rate increased by 13.14% in September 2020 from 12 , 65% August 2020.

On a monthly basis, the urban index increased by 1.56 percent in September 2020, 0.14 percent more than the 1.42 percent recorded in August 2020, while the rural index also increased by 1, 40 percent in September 2020, an increase of 0.13 from the rate recorded in August 2020 (1.27%).

The corresponding twelve-month year-on-year average percentage change for the urban index is 13.07% in September 2020. This is higher than the 12.85% reported in August 2020, while the corresponding rural inflation rate in September 2020 it is 11.86%. compared to 11.66% in August 2020.

Food inflation

The Composite Food Index increased 16.66 percent in September 2020 compared to 16.00 percent in August 2020. This increase in the Food Index was caused by increases in the prices of bread and cereals, potatoes, yams and other tubers, meat, 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.

The average annual variation rate of the food subindex for the twelve-month period ended in September 2020 with respect to the average of the previous twelve months was 15.13 percent, 0.26 percentage points of the annual variation rate. average recorded in August 2020 (14.87 percent).

Core inflation, which excludes the prices of volatile agricultural products, stood at 10.58% in September 2020, up 0.06% compared to 10.52% in August 2020.

On a monthly basis, the core subindex increased 0.94% in September 2020.

This was down 0.11 percent compared to 1.05 percent in August 2020.

The 12-month average annual rate of change of the index was 9.77 percent for the twelve-month period ending September 2020; this is 0.13 percentage points higher than the 9.64 percent recorded in August 2020.

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