Again, Increasing Food Prices Push Nigeria’s Inflation Rate To 11.98 Percent

 

Nigeria’s inflation increased by 11.98 percent in December 2019, higher than the 11.85 percent recorded in November.

This is due to the rise in the composite food index which rose by 14.67 percent in December.

The consumer price index, (CPI) which measures inflation witnessed a 0.05 percentage change for the twelve months period which ended in December 2019.

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This is according to the National Bureau of Statistics (NBS) CPI and Inflation Report for December 2019.

“The consumer price index, (CPI) which measures inflation increased by 11.98 percent (year-on-year) in December 2019. This is 0.13 percent points higher than the rate recorded in November 2019 (11.85) percent.

“The urban inflation rate increased by 12.62 percent (year-on-year) in December 2019 from 12.47 percent recorded in November 2019, while the rural inflation rate increased by 11.41 percent in December 2019 from 11.30 percent in November 2019.”

 

 

The report stated that the rise in the food index was caused by increases in prices of Bread and cereals, Meat, Fish, Oils and fats, Potatoes, yam, and other tubers.

“The average annual rate of change of the Food sub-index for the twelve-month period ending December 2019 over the previous twelve-month average was 13.74 percent, 0.09 percent points from the average annual rate of change recorded in November 2019 (13.65) percent.”

Food inflation by states on a year on year basis had Sokoto (17.75%), Ogun (17.37%) and Plateau (16.75%) record highest, while Bayelsa (13.26%), Delta(12.72%) and Bauchi (12.19%) recorded the slowest rise.

 

Food Prices Drove Nigeria’s Inflation Rate To 11.85 Percent In November

 

Nigeria’s inflation increased by 11.85 percent in November 2019, due to a rise in the prices of food commodities, gaining 0.24 percent points higher than the rate recorded in October 2019 (11.61) percent.

This is according to the National Bureau of Statistics (NBS) CPI and Inflation Report for November 2019.

“The composite food index rose by 14.48 percent in November 2019 compared to 14.09 percent in October 2019. This rise in the food index was caused by increases in prices of Bread, Cereals, Oils and fats, Meat, Potatoes,
Yam and other tubers, and Fish.”

On a month-on-month basis, the Headline index increased by 1.02 percent in November 2019, a 0.05 percent rate lower than the rate recorded in October 2019 (1.07) percent.

The report also noted that the urban inflation rate grew by 12.47 percent (year-on-year) in November 2019 from 12.20 percent recorded in October 2019, while the rural inflation rate increased by 11.30 percent in November 2019 from 11.07 percent in October 2019.

“On a month-on-month basis, the urban index rose by 1.07 percent in November 2019, down by 0.08 from 1.15 percent recorded in October 2019, while the rural index also rose by 0.98 0 percent in November 2019, down by 0.01 from the rate recorded in October 2019 (0.99) percent.”

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Also, the composite food index rose by 14.48 percent in November 2019 compared to 14.09 percent in October 2019.

The report attributed the rise in the food index to increases in prices of Bread, Cereals, Oils and fats, Meat, Potatoes, yam and other tubers, and Fish.

Analysing the inflationary rates by state, the report noted that all items inflation on year on year basis was highest in Kebbi (15.40%), Sokoto (14.58%) and Niger (14.15%), while Imo (10.43%), Abuja (10.30%) and Kwara (9.70%) recorded the slowest rise in headline Year on Year inflation.

“In November 2019, food inflation on a year on year basis was highest in Sokoto (18.77%), Kebbi (18.08%) and Ekiti (17.18%), while Katsina (12.61%), Bayelsa (12.50%) and Bauchi (12.44%) recorded the slowest rise.”

The percentage change in the average composite CPI for the twelve months period ending November 2019 over the average of the CPI for the previous twelve months period was 11.35 percent, representing a 0.05 percent point from 11.30 percent recorded in October 2019.

Pork Prices Double, As Inflation Rises In China

An elderly man looks at a shop as a vendor waits for customers in Hong Kong on December 6, 2019. Noemi CASSANELLI / AFP

 

Consumer prices in China accelerated at their fastest pace for almost eight years in November as the African swine fever epidemic caused pork prices to more than double, data showed Tuesday.

The consumer price index (CPI) — a key gauge of retail inflation — came in at 4.5 percent for November, the National Bureau of Statistics (NBS) said, up from 3.8 percent in October and the highest rate since January 2012.

Analysts surveyed by Bloomberg News had forecast an increase of 4.3 percent on-year.

The widespread outbreak of swine fever since August 2018 has disrupted the pork supply in China, sending the prices of the staple meat up 110.2 percent last month November.

With China’s pig herd down by about 40 percent, authorities last week launched a plan to restore pork production to pre-swine fever levels by 2021.

The crisis has also sent prices of beef, lamb and eggs up as consumers switch to other sources of protein.

China’s consumer inflation target for 2019 is around three percent.

The producer price index (PPI) — an important barometer of the industrial sector that measures the cost of goods at the factory gate — showed prices fell 1.4 percent on-year in November.

The figure was slightly higher than the anticipated 1.5 percent decline in a Bloomberg News poll but nevertheless marked five consecutive months of decline, suggesting continued weakness in the world’s second-largest economy.

 

AFP

Border Closure: Inflation To Moderate In Three Months, Says Emefiele

 

The Central Bank of Nigeria Governor, Mr Godwin Emefiele has said that the rise in inflation is temporary and will go down aggressively in another three to four months.

A report by the National Bureau of Statistics (NBS), showed inflation figures at a 17-month high, rise to 11.61% in October.

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Mr. Emefiele in an exclusive interview with Channels Television said that the attribution of the rise to border closure cannot be totally ruled out, but the benefits are more.

“Inflation goes up from 11.22 to 11.61 between September and October, and mainly it’s because of the border closure.

“I am not going to entirely disagree that yes, because of border closure that has resulted in some supply shortages because of goods that are being dumped into the country.

“Who are those benefitting, in as much as I don’t like the fact that prices went up momentarily from September and October, the beneficiaries are Nigerians and companies where we have seen a situation where people have jobs, farmers who produce poultry and those benefitting from import of cars legitimately.”

The CBN Governor expressed his displeasure at the inflationary pressure but was quick to assure that the trend will witness an immediate turnaround.

“In as much as I do not like the fact that the inflationary pressures are coming up right now, I’m also saying that it will moderate and very quickly, maximum of another 3 to 4 months aggressively downwards.”

Inflation Rate Rises To 11.61% In October

PHOTO credit: National Bureau of Statistics

 

Fresh data from the National Bureau of Statistics on Monday shows that Nigeria’s inflation for the month of October has risen by 0.36 basis points year on year to 11.61 percent and also increased month on month to 1.07 percent from 1.04 percent.

The composite food index rose by 14.09 percent in October compared to 13.51 percent recorded in September due to increases in prices of meat, fish, vegetables, bread and cereals, potatoes, yam and other tubers.

According to experts, the rise in inflation rate may be connected to the ongoing border closure which had made it difficult for products to be exported and imported into the country through the land borders

Core inflation, which excludes the prices of volatile agricultural produce eased to 8.88 percent year on year in October compared with the 8.94 percent recorded in September.

The urban inflation rate stood at 12.20 percent year-on-year in October from September’s 11.78 percent, while rural inflation increased to 11.07 percent in October from 10.77 percent in September.

On a month-on-month basis, the urban index rose to 1.15 percent in October from 1.13 percent, while the rural index was slightly higher at 0.99 percent in from 0.96 percent.

Nigeria’s Inflation Rate Drops To 11.22 Percent In June

NBS, Bureau Of Statistics, Inflation Rate

 

 

Nigeria’s inflation eased sharply lower in June to 11.22 percent year on year, a 0.18 percent points decrease than 11.40 percent posted in May.

Latest data released by the National Bureau of Statistics (NBS) on Tuesday showed that the headline index fell to 1.07 percent on a month-on-month basis, indicating a decline of 0.04 percent points from the rate recorded in May.

“The consumer price index, (CPI) which measures inflation increased by 11.22 percent (year-on-year) in June 2019. This is 0.18 percent points lower than the rate recorded in May 2019 (11.40) percent.

“On a month-on-month basis, the Headline index increased by 1.07 percent in June 2019, this is 0.04 percent rate lower than the rate recorded in May 2019 (1.11) percent.”

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The urban inflation rate fell to 11.61 percent year-on-year in the month under review, while the rural inflation rate eased to 10.87 percent from 11.08 percent.

“The urban inflation rate increased by 11.61percent (year-on-year) in June 2019 from 11.76 percent recorded in May 2019, while the rural inflation rate increased by 10.87 percent in June 2019 from 11.08 percent in May 2019.

“On a month-on-month basis, the urban index rose by 1.10 percent in June 2019, up by 0.05 from 1.15 percent recorded in May 2019, while the rural index also rose by 1.05 percent in June 2019, up by 0.02 from the rate recorded in May 2019 (1.07) percent.”

The composite food index stood at 13.56 percent in June, compared to the previous months 13.79 percent as increases were recorded in prices of bread and cereals, meat, fish, vegetables and fruits among others.

“The composite food index stood at 13.56 percent in June 2019 compared to 13.79 percent in May 2019.”

This rise, according to the report, was caused by increases in prices of Bread and cereals, Meat, Oils and fats, Potatoes, yam and other tubers, Fish, Vegetables and fruits.

“On a month-on-month basis, the food sub-index increased by 1.36 percent in June 2019, down by 0.05 percent points from 1.41 percent recorded in May 2019.

“The average annual rate of change of the Food sub-index for the twelve-month period ending June 2019 over the previous twelve-month average was 13.42 percent, 0.05 percent points higher from the average annual rate of change recorded in May 2019 (13.37) percent.”

Nigeria’s Inflation Drops By 0.06% In February – NBS

Nigeria's GDP Falls 2.24% In 3rd Quarter of 2016

 

The consumer price index, which measures inflation level in the country, dropped to 11.31 percent in February 2019 from the 11.37 percent rate recorded in January 2019.

This is according to a monthly inflation data released by the National Bureau of Statistics (NBS), which shows a gradual increase in the price index.

The data highlighted that on a month-on-month basis, the headline index increased by 0.73 percent in February 2019, which is 0.01 percent rate lower than the rate recorded in January 2019 (0.74) percent.

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The urban inflation rate increased by 11.59 percent (year-on-year) in February 2019 from 11.66 percent recorded in January 2019, while the rural inflation rate increased by 11.05 percent in February 2019 from 11.11 percent in January 2019.

However, the composite food index rose by 13.47 percent in February compared to 13.51 percent in January 2019.

This rise in the food index, according to the released date, was caused by increases in the prices of fish, bread and cereals, potatoes, yam and other tubers, meat, vegetables, oils and fats, and fruits.

In February 2019, food inflation on a year-on-year basis was highest in Nasarawa (16.78 percent), Taraba (16.76 percent) and Abuja (16.29 percent), while Kogi (11.68 percent), Delta (11.51 percent) and Abia (10.81 percent) recorded the slowest rise in food inflation.

Nigeria’s Inflation Drops To 11.14%

Source: NBS

 

 

Nigeria’s inflation fell from  11.23 to 11.14% for the month of July, statistics released by the National Bureau of Statistics (NBS) on Wednesday showed.

According to the NBS, the consumer price index fell by 0.09 per cent to 11.14 per cent last month, from 11.23 per cent recorded in June 2018, making it 18 straight decline years on year.

In July 2018, food inflation on a year-on-year basis was highest in Abuja (15.85%), Bayelsa (15.75%) and Imo (15.46%), while Plateau (9.40%), Bauchi (10.44%) and Kano (10.50%) recorded the slowest rise in food inflation.

On a month-on-month basis, July food inflation was highest in Kwara (4.57%), Kaduna (3.99%) and Imo (3.44%), while Ogun (0.16%) and Osun (0.38%)recorded the slowest rise.

Kogi recorded food price deflation or negative inflation (general decrease in the general price level of goods and services or a negative inflation rate) in July 2018.

Similarly, the country’s urban inflation eased to 11.66 per cent in July 2018 from 11.68 per cent recorded in June while the rural inflation rate remained flat at 10.83 per cent in July 2018 from 10.83 per cent in June 2018.

Inflation Rate Drops For 14th Consecutive Time

Inflation Rate Drops For 14th Consecutive Time
A file photo taken at a food market

 

The Nigerian economy has recorded a drop in the inflation rate for the 14th consecutive time since January 2017, the National Bureau of Statistics (NBS) said.

According to the latest figures released on Thursday by the National Bureau of Statistics (NBS), the Consumer Price Index (CPI) which measures inflation stands at 13.34 per cent (year-on-year) in March 2018.

“This fourteenth consecutive disinflation since January 2017 is 0.99 percent points less than the rate recorded in February 2018 (14.33) percent. Increases were recorded in all COICOP divisions that yield the Headline Index,” the statistics agency said in its report.

According to them, on a month-on-month basis, the headline index increased by 0.84 per cent in March 2018, up by 0.05 percent points from the rate recorded in February.

The NBS revealed further that the percentage change in the average composite CPI for the twelve-month period, ending March 2018 over the average of the CPI for the previous twelve month period, was 15.60 percent, showing 0.33 percent point lower from 15.93 percent recorded in February 2018.

The urban inflation rate also eased by 13.75 per cent (year-on-year) in March 2018 from 14.76 per cent recorded in February, while the rural inflation rate eased by 12.99 per cent in March 2018 from 13.96 percent in February.

The latest data shows that on a month-on-month basis, the urban index rose by 0.86 per cent in March 2018, up by 0.04 from 0.82 per cent recorded in February, while the rural index also rose by 0.82 per cent in March 2018, up by 0.05 from 0.77 percent recorded in February.

The corresponding twelve-month year-on-year average percentage change for the urban index is 15.87 percent in March 2018.

NBS noted that this is less than the 16.24 per cent reported in February, while the corresponding rural inflation rate in March 2018 is 15.34 percent compared to 15.64 percent recorded in February.

Inflation Drops To 15.1%, 13th Consecutive Month Since January

NBS

For the 13th consecutive month since January 2017, Nigeria’s Consumer Price Index (CPI) has eased further.

The National Bureau of Statistics (NBS) in its “Customer Price Index January 2018” released on Wednesday, February 14 in Abuja said Nigeria’s CPI dropped to about 15.13 percent in January 2018.

The rate was 15.37 percent in December 2017.

The CPI in January 2018 according to the report, therefore, dropped by 0.24 percent points from the rate recorded in December.

NBS in the report said on a month-on-month basis, the NBS Headline index increased by 0.80 percent in January 2018, or about 0.21 percent points higher from the rate of 0.59 percent recorded in December 2017.

“The Consumer Price Index which measures inflation started the year 2018 increasing by 15.13 per cent year-on-year in January 2018.

“This was 0.24 per cent points lower than the rate recorded in December (15.37 per cent) making it the twelfth consecutive slowdown in the inflation rate though still positive in headline year on year inflation since January 2017.”

The data also shows that the annual food price index and food price pressure continued into December though generally at a slower pace year-on-year.

The Food Index stood at about 18.92 percent (year-on-year) in January 2017, down from the rate recorded in December (19.42 percent).

The implication of this is that Nigerian consumers were paying less for food during the month than they did in the previous month.

On a month-on-month basis, the food sub-index according to the report was about 0.87 percent in January 2018, down by 0.29 percent from 0.58 percent recorded in December.

“In January 2018, food inflation on a year on year basis was highest in Kwara (24.46%), Nasarawa (22.77%) and Bayelsa (22.60%), while Bauchi (13.34%), Anambra (14.63%) and Benue (14.78% recorded the slowest rise in food inflation.

On a month on month basis, however, January 2018 food inflation was highest in Bayelsa (3.47%), Kogi (3.38%) and Nasarawa (2.26%), while Cross River, Kebbi. Yobe, Anambra and Delta all recorded food price deflation or negative inflation (general decrease in the general price level of goods and services or a negative inflation rate) in January 2018,” the report read in part.

The highest increases were recorded in prices of fuel and lubricants for personal transport and transport equipment, vehicle spare parts, accommodation services, maintenance and repair of personal transport equipment, appliances articles and products for personal care.

Other services include hotels and restaurants, hairdressing salons and personal grooming establishments, clothing materials and other articles of clothing, garments, non-durable household goods and solid fuels.

Urban inflation according to the data also rose by 15.56 percent in January 2018 from 16.78 percent in December 2017, compared with the rural inflation rate, which declined by 14.76 percent in January 2018 from 15.02 percent in December 2017.

 

Nigeria’s Inflation Rate Falls For Ninth Consecutive Time

Nigeria's GDP Falls 2.24% In 3rd Quarter of 2016

For the ninth consecutive time, Nigeria’s inflation rate measured by Consumer Price Index (CPI) has eased further.

The National Bureau of Statistics (NBS) in its “CPI October 2017 Report’’ released on Wednesday, November 15 in Abuja says Nigeria’s inflation rate has further dropped to 15.91 percent in October from 15.98 recorded in September.

The data also shows food inflation rose by 20.31 percent, just a soft touch below the 20.32 percent recorded in September. This, the report shows was driven by notable increases in the prices of bread and cereals as well as meats and other food items.

Increases were also recorded, according to the report in all Classification of Individual Consumption by Purpose (COICOP) divisions that yield the Headline Index.

Core inflation increased at a faster pace in October, rising by 12.14 percent, versus 12.12 percent in September.

The urban index increased to 16.19 percent, while rural index declined to 15.67 percent in October from 15.81 percent in September.

 

Food Prices Continue To Rise Despite Drop In Inflation

Despite Nigeria’s inflation rate downward trend and decline to 15.98 percent from 16.01, food prices have continued to rise.

The National Bureau of Statistics in the Consumer Price Index report relased on Tuesday measures the inflation with the rate dropping year-on-year from 16.01 per cent in August to 15.98 per cent in September.

This is the eighth consecutive decline in inflation since January 2017.

However food prices have continued to rise. Data from the National Bureau of Statistics released today shows that food inflation rose to 20.32 percent, from 20.25 percent in August.

”This was driven by notable increases in bread and cereal, meat, vegetables and other food items. Core inflation increased at a slower pace in September, rising by 12.10 percent, versus 12.30 percent in August.

”The Food Index increased by 20.32 percent (year-on-year) in September, up marginally by 0.07 percent points from the rate recorded in August (20.25 percent).”

The rise in food prices includes increases in prices of potatoes, yams and other tubers, milk cheese and eggs, bread and cereals, coffee tea and cocoa, soft drinks, fish, meat and oil and fats.

”The highest increases were recorded in clothing materials and articles of clothing, solid fuels, garments, passenger transport by air, motorcycles, shoes and other footwear, furniture and furnishing and non-durable household goods.”