The National Bureau of Statistics (NBS), says the inflation rate in September 2019 increased by 0.22 percent to 11.24 percent from 11.02 percent recorded in August.
It said this in its “Consumer Price Index (CPI), September 2019” released on Tuesday in Abuja.
“Increases were recorded in all COICOP divisions that yielded the Headline index.
“On a month-on-month basis, the headline index increased by 1.04 percent in September, this is 0.05 percent rate higher than the rate recorded in August (0.99) percent.”
It also said that the urban inflation rate increased by 11.78 percent (year-on-year) in September from 11.48 percent recorded in August, while the rural inflation rate increased by 10.77 percent in September from 10.61 percent in August.
According to the NBS, on a month-on-month basis, the urban index rose by 1.13 percent in September, up by 0.09 from 1.04 percent recorded in August.
It added that the rural index also rose by 0 .96 percent in September, up by 0.03 percent from the rate recorded in August (0.93) percent.
The report said that the corresponding twelve-month year-on-year average percentage change for the urban index is 11.63 percent in September.
This, it said, was higher than 11.62 percent reported in August, while the corresponding rural inflation rate in September was 10.94 percent compared to 10.95 percent recorded in August.
The NBS said that the composite food index rose by 13.51 percent in September compared to 13.17 percent in August.
“This rise in the food index was caused by increases in prices of bread and cereals, oils and fats, meat, potatoes, yam, and other tubers, fish and vegetables.
“On a month-on-month basis, the food sub-index increased by 1.30 percent in September, up by 0.08 percent points from 1.22 percent recorded in August.”
The bureau also said that ”All items less farm produce” or Core inflation, which excludes the prices of volatile agricultural produce stood at 8.94 percent in September, up by 0.26 percent when compared with 8.68 percent recorded in August.
“On a month-on-month basis, the core sub-index increased by 0.89 percent in September.
“This was up by 0.22 percent when compared with 0.67 percent recorded in August 2019.
“The highest increases were recorded in prices of cleaning, repair, and hire of clothing, repair of household appliances, hospital services, and major household appliances.
“Others are glassware, tableware, and household utensils, spirits, clothing materials, other articles of clothing accessories, garments and repair and hire of footwear.”
The News Agency of Nigeria (NAN) reports that CPI measures the average change over time in prices of goods and services consumed by people for day-to-day living.
Source: NAN
