Nigeria’s Inflation Rate Drops Further To 16.63% In September – NBS Report

Nigeria’s inflation rate has dropped by 0.38 per cent to 16.63 per cent, the National Bureau of Statistics has said in its latest report.

 

The Consumer Price Index, (CPI) which measures inflation increased by 16.63 per cent (year-on-year) in September 2021.

This is 0.38 per cent points lower than the rate recorded in August 2021 (17.01) per cent, according to a report released by the Nigeria Bureau of Statistics on Friday.

Increases were recorded in all Classification of Individual Consumption According to Purpose (COICOP) divisions that yielded the Headline Index.

On a month-on-month basis, the Headline Index increased by 1.15 per cent in September 2021, this is 0.13 per cent rate higher than the rate recorded in August 2021 (1.02) per cent.

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The percentage change in the average composite CPI for the 12-month period ending September 2021 over the average of the CPI for the previous 12-month period was 16.83 per cent, showing 0.23 per cent points from 16.60 per cent recorded in July 2021.

The urban Inflation rate increased by 17.19 per cent (year-on-year) in September 2021 from 17.59 per cent recorded in August 2021, while the rural inflation rate increased by 16.08 per cent in September 2021 from 16.45 per cent in August 2021.

On a month-on-month basis, the Urban Index rose by 1.21 per cent in September 2021, up by 0.15 the rate recorded in August 2021 (1.06), while the Rural Index also rose by 1.10 per cent in September 2021, up by 0.11 the rate that was recorded in August 2021 (0.99) per cent.

Inflation Hits 16.47%, Highest Since April 2017

This is the highest since April 2017.

 

The National Bureau of Statistics on Tuesday revealed that Consumer Price Index which measures inflation has increased by 16.47% in January 2021.

This is the highest since April 2017.

The report also shows that food prices, food inflation also rose to 20.57 per cent in January while core inflation, which excludes the price of volatile agricultural produce stood at 11.85%.

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“The percentage change in the average composite CPI for the twelve months period ending January 2021 over the average of the CPI for the previous twelve months period was 13.62 percent, representing a 0.37percentage point increase over 13.25 percent recorded in December 2020.

“The urban inflation rate increased by 17.03 percent (year-on-year) in January 2021 from 16.33 percent recorded in December 2020, while the rural inflation rate increased by 15.92 percent in January 2021 from 15.20 percent in December 2020,” NBS said.

The NBS added that the upward movement in food inflation was caused by increases in the prices of bread, cereals, potatoes, yam and other tubers, meat, fruits, oils and fats, vegetables, and fish.

“This rise in the food index was caused by increases in prices of Bread and cereals, Potatoes, Yam and other tubers, Meat, Fruits, Vegetable, Fish and Oils, and Fats.

“On month-on-month basis, the food sub-index increased by 1.83 percent in January 2021, down by 0.22 percent points from 2.05 percent recorded in December 2020,” NBS said.

Core inflation, which excludes the prices of agricultural items, stood at 11.85 percent in January 2021, up by 0.48 percentage points when compared with 11.37 percent recorded in December 2020.

On a year-on-year basis, food inflation was highest in Kogi (26.64 percent), Oyo (23.69 percent), and River (23.49 percent), while Ondo (17.20 percent), Abuja (16.73 percent), and Bauchi (16.37 percent) recorded the slowest rise.

Nigeria’s Inflation Hits 15.75%, Highest Level In Three Years

The inflation rate in Nigeria closed 2020 on a high hitting 15.75 percent in December, its highest level in three years. This is according to statistics released on Friday by the National Bureau of Statistics.

This an increase by 0.86 percent from the 14.89 percent recorded in November last year.

“The consumer price index, (CPI) which measures inflation increased by 15.75 percent (year-on-year) in December 2020. This is 0.86 percent points higher than the rate recorded in November 2020 (14.89) percent,” the NBS revealed in its statistics.

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The spike beats the expectations of analysts at the financial derivatives company who had projected an increase to 15.4 percent, largely driven by forex rationing, output and productivity constraints, higher logistics and distribution costs.

urban inflation also rose by 16.33 percent year on year

 

Data released by the NBS also shows that an increase in food prices pushed the food index higher by 19.56 percent, while core inflation inched up by 0.32 percent to 11.37 percent in December.

“The composite food index rose by 19.56 percent in December 2020 compared to 18.30 percent in November 2020.

“The average annual rate of change of the Food sub-index for the twelve-month period ending December 2020 over the previous twelve-month average was 16.17 percent, 0.42 percent points from the average annual rate of change recorded in November 2020 (15.75) percent,” the NBS statement read in part.

This rise in the food index according to the NBS was caused by increases in prices of Bread and cereals, Potatoes, Yam and other tubers, Meat, Fruits, Vegetable, Fish and Oils, and fats.

Similarly, urban inflation also rose by 16.33 percent year on year, while the rural inflation rate stood at 15.20 percent in December.

In December 2020, all items inflation on year to year basis was highest in Bauchi (19.85%), Edo (18.15%), and Kogi (18.40%), while Lagos (14.05%), Kwara (13.91%), and Abia (13.30%) recorded the slowest rise in headline year on year inflation.

Nigeria’s Inflation Rate Drops By 0.06% Again

NBS, Bureau Of Statistics, Inflation Rate

 

Nigeria’s inflation rate has dropped by a slim margin of 0.06% from 11.31 percent in February to 11.25 per cent in March 2019.

The consumer price index, (CPI) which measures inflation had for a second consecutive time, the same margin of points between January and February 2019.

According to the National Bureau of Statistics (NBS), on a month-on-month basis, the Headline index increased by 0.79 per cent in March 2019, which is 0.06 percent rate higher than the rate recorded in February 2019 (0.73) per cent.

The data highlighted that urban inflation rate increased by 11.54 per cent (year-on-year) in March 2019 from 11.59 per cent recorded in February 2019, while the rural inflation rate increased by 10.99 percent in March 2019 from 11.05 percent in February 2019.

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Though, the composite food index rose by 13.45 percent in March 2019 compared to 13.47 percent in February 2019. “This rise in the food index was caused by increases in prices of Bread and cereals, Meat, Fish, Potatoes, Yam and other tubers, Oils and fats, and Soft drinks, Vegetables, and Fruits.”

The data also listed states where food inflation was highest and lowest.

“In March 2019, food inflation on a year on year basis was highest in Kebbi (16.35%), Niger (16.22%) and Kwara (15.95%), while Bauchi (11.82%), Delta (11.70%) and Ogun (11.55%) recorded the slowest rise.

“On month on month basis however, March 2019 food inflation was highest in Kogi (2.97%), Lagos and Plateau (2.11%) and Oyo (2.04%), while Imo and Nasarawa (0.12%), Enugu (0.11%) recorded the slowest rise with Bayelsa recording food price deflation or negative inflation (general decrease in the general price level of goods and services or a negative inflation rate).”

Inflation Rate Falls For Sixth Consecutive Time To 16.05%

The National Bureau of Statistics on Monday released the Consumer Price Index which measures inflation, with the index dropping marginally from 16.1 per cent in June to 16.05 per cent in the month of July.

Nigeria’s headline inflation has declined again, the inflation report released today by the National Bureau of Statistics showed.

The inflation report for July 2017 showed that the headline inflation declined marginally to 16.05 percent.

“The inflation report for July 2017 reveals that headline inflation has again reduced to 16.05 percent (year-on-year) in July 2017, compared to 16.10 percent in June 2016. This makes it the sixth consecutive decline in the rate of headline year on year inflation since January 2017,” the report read in part.

On a month-on-month basis, however, the headline index increased by 1.21 percent in July 2017, 0.37 percent points lower from the rate of 1.58 percent recorded in June.

Also, there was sustained pressure on food prices with food inflation rising to 20.28 percent – year-on-year – from 19.91 percent, representing the highest year-on-year increase in food inflation since the beginning of the new series in 2009.

“On a month-on-month basis, however, the Food sub-index increased by 1.52 percent in July, down by 0.47 percent points from 1.99 percent recorded in June,” the report added.

Meanwhile, core inflation which excludes the prices of volatile agricultural produce eased by 0.30 percent in July to 12.20 percent points from 12.50 percent recorded in June.

Nigeria Economy: Rate Of Inflation Increases

Inflation-rateThe latest data from the National Bureau of Statistics (NBS) has shown that Nigeria’s headline inflation rate has recorded a sharp increase of 1.9 per cent to 15.6 per cent in the month of May.

According to the NBS, the rise from 13.7 per cent was attributed to an overall increase in general price level across the economy.

The Food Sub Index increased by 1.7 per cent in May, recording a year-on-year rise from 13.2 per cent to 14.9 per cent.

According to the NBS, the increase in rates in May relative to April reflected an overall increase in general price level across the economy, as all divisions which contribute to the Headline index increased at a faster pace in May.

This is the fourth consecutive month that the Consumer Price Index (CPI) is recording a relatively strong increase.

The higher rate was reflected across all divisions.

The CPI measures the average change over time in prices of goods and services consumed by people for day-to-day living.

See full Consumer Price Index here.

Nigeria’s Inflation Rises By 11.4% In February

inflationNigeria’s headlines inflation for the month of February has jumped to 11.4% up by 2.6% month-on-month, according to the report just released by the Bureau of Statistics.

Consumer inflation was reported at 9.6% in January, already outside the threshold set for monetary policy considerations by the Central Bank.

Ahead of the release, inflation estimates for February has been put at between 9.7% and 10.1%.

February 2015 Consumer Price Index (CPI)/ Inflation Report released by the National Bureau of Statistics explained, “The faster pace of increases which led to the overall rise in the headline index was recorded across almost all major divisions.

“This contributes to the headline index with the exception of the restaurants and hotels division which increased, albeit at a slower pace.”

According to the statistics office, the food sub-index moved up 1.4% month-on-month to 11.3% in February.

“The food sub-index increased at a faster pace with the exception of potatoes, yams and other tubers and sugar, jam, honey, chocolate and confectionery groups.

“The ‘All Items less Farm Produce’ or Core sub-index, increased at a faster pace in February as imported items as well as other domestic products, resulting in ripple effects across many divisions,” the reports says.

Urban inflation climbed 3.0% to 12.3% and rural inflation reported higher at 10.7% advancing 1.8% last month.

 

Inflation Rate: FSDH Predicts 9.24% Consumer Price Index

inflationThe National Bureau of Statistics (NBS) is expected to release the inflation rate for the month of January on February 17.

Ahead of the release, analysts at FSDH Research Group are forecasting that the CPI will slow down to 9.24% from 9.55% recorded in December 2015.

The analysts attribute the moderation to the base effect of January 2015 and the drop in commodity prices.

According to FSDH, the price movements in consumer goods and services in January 2016 would increase the composite Consumer Price Index to 181.13 points, representing a month-on-month increase of 0.55%.