Nigeria’s Inflation Rises to 11.28% in September

By Dipo Olowookere

The National Bureau of Statistics (NBS) on Tuesday released the inflation rate in Nigeria for the month of September 2018.

According to the stats office, the Consumer Price Index (CPI), which measures inflation, increased to 11.28 percent year-on-year in September 2018.

This was 0.05 percent higher than the rate recorded in August 2018, which stood at 11.23 percent, making it the second time in a row the rate was climbing.

In the data released today, the NBS said increases were recorded in all COICOP divisions that yielded the headline index.

On month-on-month basis, the headline index increased by 0.84 percent in September 2018, down by 0.21 percent points from the rate recorded in August 2018, 1.05 percent.

It was disclosed that the percentage change in the average composite CPI for the 12 months period ending September 2018 over the average of the CPI for the previous 12 months period was 13.16 percent, showing 0.39 percent point from 13.55 percent recorded in August 2018.

Furthermore, the urban inflation rate increased by 11.70 percent year-on-year in September 2018 from 11.67 percent recorded in August 2018, while the rural inflation rate increased by 10.92 percent in September 2018 from 10.84 percent in August 2018.

On a month-on-month basis, the urban index rose by 0.86 percent in September 2018, down by 0.14 from 1.00 percent recorded in August, while the rural index also rose by 0.82 percent in September 2018, down by 0.14 percent from the rate recorded in August 2018, 0.96 percent.

The corresponding 12-month year-on-year average percentage change for the urban index is 13.58 percent in September 2018. This is less than 13.95 percent reported in August 2018, while the corresponding rural inflation rate in September 2018 is 12.80 percent compared to 13.21 percent recorded in August 2018.

Business Post gathered from the data released by the stats office that the composite food index rose by 13.31percent in September2018 compared to 13.16 percent in August 2018.

This rise in the food index was caused by increases in prices of Potatoes, yams and other tubers, vegetables, fruits, meat, milk, cheese and egg, Bread and cereals, and Fish.

On month-on-month basis, the food sub-index increased by 1.00 percent in September 2018, down by 0.42 percent points from 1.42 percent recorded in August.

The average annual rate of change of the Food sub-index for the twelve-month period ending September 2018 over the previous twelve-month average was 15.92 percent, 0.58 percent points from the average annual rate of change recorded in August, 16.50 percent.