Archive Nigeria inflation rises to 9.4% in October

Nigeria inflation rises to 9.4% in October

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By Jude Chukwuemeka

The Central Bank of Nigeria on its website as revealed that Nigeria’s inflation rate has risen to 9.4%. A recent report of The National Bureau of Statistics (NBS) says the nation’s consumer inflation has risen to 9.4 per cent year-on-year in September from 9.3 per cent in August 2015.

The NBS attributed the increase to a result of higher food and non-food divisions which include alcoholic beverage, tobacco and kola; clothing and footwear; housing, water, electricity, gas and other fuels divisions.

“While the Muslim holidays period may have contributed to higher food prices, the food sub-index as a whole recorded a marginal increase by 10.2 per cent (year-on-year) in September from 10.1 per cent in August.

“Prices rose in major categories such as bread and cereals, meats, fish, oils and fats groups.

“The fruits, vegetables and potatoes, yams and other tubers groups have, however, held constant or grown at a slower pace for three consecutive months, ultimately weighing on the index.

“The advances recorded by the `all items less farm produce’ or core sub-index increased at a marginally slower pace in September relative to August,’ it said.

NBS also said the core sub-index was weighted upon by slower increases in multiple groups and or divisions such as garments, fuels and lubricants for personal transport equipment, hotel accommodation services, other services in the communication and miscellaneous goods and services divisions.

According to NBS: “On a month-on-month basis, the pace of increases of the headline index has held constant for the second consecutive month at 0.6 per cent, the lowest pace recorded this year.

“Non-food divisions which weighted on the index include housing water, electricity, gas and other fuels; communication, education and miscellaneous goods and services’’.

The NBS added that in September, the urban index increased by 0.3 per cent to from 9.2 per cent in August, while the rural declined to 9.3 per cent in September from 9.4 per cent in August.

“On a month-on-month basis, the urban index edged higher from 0.6 per cent in August to 0.7 per cent in September.

“The rural index increased for the fourth consecutive month, increasing by 0.5 per cent in September from 0.6 per cent in August.

“The percentage change in the average composite CPI for the 12-month period ending in September was 8.7 per cent, marginally higher from the 8.6 per cent rate recorded in August.

“The corresponding 12-month year-on-year average percentage change for the urban index increased marginally from 8.6 per cent to 8.7 per cent.

“Also the corresponding rural index also went up to 8.6 per cent in September from 8.5 per cent in August,’’ the report added.

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