Nigeria’s September Inflation Jumps to 11.24% as Food Prices Rise

Image

By Adedapo Adesanya

The headline inflation rate in Nigeria increased to 11.24 percent (year-on-year) in September 2019 from the 11.02 percent it recorded in August 2019, data from the National Bureau of Statistics (NBS) revealed on Tuesday.

Business Post reports that the inflation jumped by this higher margin as the effect of the border closure by federal government as well as stringent economic policies continue to bite hard on the nation, causing prices of goods and food items to rise at the market.

According to the stats office, the consumer price index (CPI), which measures inflation, rose in the period under review by 0.22 percent when compared with the previous month.

The border closure, which did not reflect much in the August figures because it was only captured for 11 days during the 31 days reference period, heavily impacted on the September figures.

In the report released this morning, the bureau noted that increases were recorded in all Classification of Individual Consumption According to Purpose (COICOP) divisions that yielded the headline index.

On month-on-month basis, the headline index increased by 1.04 percent in September 2019, which is 0.05 points higher than the rate recorded in August 2019 at 0.99 percent.

The data showed that the percentage change in the average composite CPI for the twelve months period ending September 2019 over the average of the CPI for the previous twelve months period was 11.268 percent, showing 0.003 percent point from 11.271 percent recorded in August 2019.

Increases also reflected in both urban and rural inflation as urban inflation rate increased by 11.78 percent (year-on-year) in September 2019 from 11.48 percent recorded in August 2019, while the rural inflation rate increased by 10.77 percent in September 2019 from 10.61 percent in August 2019.

On a month-on-month basis, urban index rose by 1.13 percent in September 2019, indicating a 0.09 rise compared to 1.04 percent recorded in August 2019, while the rural index also rose by 0.96 percent in September 2019, up by 0.03 from the 0.93 percent recorded in August 2019.

The corresponding twelve-month year-on-year average percentage change for the urban index is 11.63 percent in September 2019 which is higher than 11.62 percent reported in August 2019, while the corresponding rural inflation rate in September 2019 is 10.94 percent compared to 10.95 percent recorded in the previous month.

The data indicated that price of food such as bread and cereals, oils and fats, meat, potatoes, yam and other tubers, fish and vegetables all recorded increases in prices.

According to the NBS, the composite food index rose by 13.51 percent in September 2019 from 13.17 percent in August 2019.

It was stated that 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 month-on-month basis, the food sub-index increased by 1.30 percent in September 2019, up by 0.08 percent points from 1.22 percent recorded in August 2019.

The average annual rate of change of the Food sub-index for the twelve-month period ending September 2019 over the previous twelve-month average was 13.47 percent, 0.01 percent points from the average annual rate of change recorded in August 2019 (13.46) percent.

Share
Related Stories
Image
29-February-2024

Naira Gains as Binance, Others Halt USDT, USDC Exchanges Amid Crackdown

By Adedapo Adesanya The Naira appreciated against the US Dollar in the foreign exchange (FX) market on Wednesday, February 28 as crypto exchanges like Binance, will no longer allow users to buy the US Dollar Tether (USDT) and US Dollar Coin (USDC) stablecoins with Naira after renewed scrutiny from the Nigerian government. The regulatory crackdown continued in the Nigerian FX market as the country moved to aggressively suppress the activities of spectators and traders across digital platforms. On Wednesday, the Nigerian government tricked two executives of Binance – an American and a British Pakistani into the country for a meeting

Image
29-February-2024

EnjoyCorp Buys Heineken’s Stake in Champion Breweries

By Adedapo Adesanya EnjoyCorp Limited, a holding company established for food, beverage and hospitality brands, has reached an agreement with Heineken B.V., to acquire its entire shareholding in The Raysun Nigeria Company Limited. The firm holds an 86.5 per cent stake in Champion Breweries Plc, a leading regional brewer listed on the Nigerian Exchange (NGX) Limited. The proposed transaction is subject to obtaining requisite regulatory approvals and the parties expect to close the transaction in the second quarter of this year (Q2 2024). EnjoyCorp intends to keep Champion Breweries Plc listed on the NGX. Heineken will continue to support Champion

Image
29-February-2024

No Going Back on Reforms—Tinubu

By Adedapo Adesanya President Bola Tinubu has said there is no going back on the reforms embarked upon by his government that have led to the hike of essential goods and services in the country. He made this known as he inaugurated the Red Line Rail Project in Lagos on Thursday. The project, an intra-state rail service, is aimed at improving transportation within the city and spans 37 kilometres. Speaking while inaugurating the project, the President reiterated his administration’s commitment to improving the nation’s infrastructural development. He said, “But this revolution that has started, this reform that is ongoing, we

Image
01-March-2024

FX Crisis: Nigeria May Slam $10bn Fine on Binance

By Adedapo Adesanya The Nigerian government may be considering a $10 billion fine on Binance, a crypto exchange platform, amid a crackdown on crypto platforms in desperate moves to restore the nation’s battered foreign exchange (FX) market. This information was disclosed by Mr Bayo Onanuga, who is the Special Adviser on Information and Strategy to President Bola Tinubu, in an interview with the British Broadcasting Corporation (BBC) on Friday morning. According to the President’s aide, this was necessary as the Nigerian government believes Binance profited substantially from its “illegal transactions” in the country while the nation suffered huge losses. Mr

More Stories
Image
27-January-2023

How Much Is House Rent In Abuja? Everything You Need To Know

Are you thinking of relocating to Abuja? Then you should know the answer to the question, how much is house rent in Abuja? read this article to find out. Introduction Renting a house in Abuja can be tricky, and with the high cost of living, many potential tenants are left wondering how much is house rent in Abuja. The answer to this question is not straightforward and depends on various factors, including the area you are looking to rent and the type of property you are interested in. If you are looking for a place to rent in the city

Image
15-August-2019

Again, South Africa Snubs Nigeria in New Visa Waiver for 4 Countries

By Adedapo Adesanya South Africa on Thursday, August 15, 2019, announced visa waivers for four countries in a bid to boost tourism amid an economic crisis and falling visitor numbers. This time around, South Africa snubbed Nigeria, which solidly stood by and even got punished for its support for the former apartheid country. In the new announcement, visitors from Qatar, Saudi Arabia, United Arab Emirates, and New Zealand will no longer require a visa to visit South Africa for holiday, conferencing and business purposes, Home Affairs Minister Dr Aaron Motsoaledi said. The decision came following the release of official tourism

Image
09-September-2022

Withdraw LMC Licence to Avert Collapse of Local Football League—FG Tells NFF

By Aduragbemi Omiyale The Nigeria Football Federation (NFF) has been advised by the federal government to immediately withdraw the licence it gave the League Management Company (LMC) for the running of the local football league. In a statement issued on Friday by the Permanent Secretary in the Ministry of Youth and Sports Development, Mr Ismaila Abubakar, the central government explained that this has become necessary because the court has declared the private organisation as illegal. The statement said it is absurd for a private company to be handed over the sole rights to manage the local league without any form

Image
24-July-2017

Fed Announcement in Focus on Wall Street

The major U.S. index futures are pointing to a roughly flat opening on Monday following the mixed performance seen last week. Traders may be reluctant to make significant moves ahead of the Federal Reserve’s monetary policy announcement on Wednesday. While the Fed is widely expected to leave interest rates unchanged, traders will pay close attention to the accompanying statement. Following the lackluster performance seen on Thursday, stocks saw modest weakness during trading on Friday. Selling pressure was somewhat subdued, however, limiting the downside for the major averages. The major averages ended the day slightly lower but well off their worst

Image
25-June-2020

SMES, E-commerce Crucial to Post COVID-19 Economic Revival

By Emmanuel Nwachukwu As the federal government set to fully reopen the national economy and the subnational economies by respective state governments, the role of online marketplace and entrepreneurs in Nigeria’s economic resurgence post Coronavirus pandemic cannot be understated. The Nigeria Economic Sustainability Plan (NESP) recently commissioned by the Federal Government has happily given a further fillip to this view by listing MSMEs and e-commerce operators like Jumia among the real sectors expected to drive national economic recovery. The NESP’s objectives include: to forestall the collapse of businesses, stem unemployment through job retention for working Nigerians and creation of new

Image
10-March-2023

FBNQuest Sees Tinubu Implementing Reforms to Stimulate Economic Growth, Investment

By Dipo Olowookere With the presidential election concluded and Mr Bola Tinubu declared by the Independent National Electoral Commission (INEC) as the winner, FBNQuest believes that the president-elect will likely implement some reforms that will trigger economic growth and investment in the second half of the year. President Muhammadu Buhari is expected to hand over power to his successor on May 29, 2023, after serving for eight years in two terms of four years each. At the presidential poll held on Saturday, February 25, 2023, Mr Tinubu of the ruling All Progressives Congress (APC) won by over 8 million votes

Image
16-September-2018

Cyber Security Biggest Threat to FinTech Revolution—Bajomo

By Modupe Gbadeyanka The biggest threat to financial technology (FinTech) revolution has been identified by the Executive Director of Access Bank Plc in charge of Information Technology and Operations, Mr Ade Bajomo. According to the former senior staff of the Nigerian Stock Exchange (NSE), cyber security is the clog in the wheel of FinTech industry and regulators in the financial services industry must under this and FinTech as a whole for better regulation. Mr Bajomo, who doubles as the Deputy President of FinTech Association of Nigeria (FinTechNGR), said during a forum in Abuja that regulators need to know what to

Image
19-May-2023

Oyo Introduces Mobile App to Track Waste Collection

By Modupe Gbadeyanka A mobile app designed to monitor waste management, especially to track waste collection, has been introduced by the Oyo State government. This is part of a new step geared towards simplifying waste management in the pace-setter state and making it one of the cleanest states in the country. The Oyo State Waste Management Consultant, Mottainai Recycling, unveiled the app on Thursday in Ibadan, the state capital. The Chief Strategy Officer of Mottainai Recycling, Ms Uloma Airhienbuwa, disclosed that the easy-to-use application would help track the ‘movement and management’ of hazardous and other solid wastes. According to her,

Ad
Ad
Recent Stories
Image
01-March-2024

Nigeria Wants Share in $350bn Global Outsourcing Market

By Aduragbemi Omiyale The global outsourcing market is estimated to be worth about $350 billion and Nigeria is looking to take a slice of it to address the rising unemployment rate in the country. Before 2023, the National Bureau of Statistics (NBS) put the unemployment rate at about 33 per cent, but in its revised edition, the agency said the rate grew to 5.0 per cent in the third quarter of last year. The outsourcing market is becoming the new oil market and Nigeria, which prides itself as the largest economy in Africa because of its population size of over

Image
01-March-2024

Lokpobiri Charges New NCDMB Council on Growth of Nigeria’s Energy Sector

By Adedapo Adesanya  The Minister of State for Petroleum Resources (Oil), Mr Heineken Lokpobiri, has charged the newly inaugurated fourth Governing Council of the Nigerian Content Development and Monitoring Board (NCDMB) to continue advancing the country’s oil and gas industry. The NCDMB Governing Council is set up under the Nigerian Oil and Gas Industry Content Development (NOGICD) Act and draws membership from representatives of select institutions connected with the energy sector. The fourth NCDMB Governing Council would be chaired by Mr Lokpobiri, while the Executive Secretary of NCDMB, Mr Felix Omatsola Ogbe, would serve as the Secretary. Others are the

Image
01-March-2024

How to Protect Your Crypto From Scams, Hacks

In 2023, it is estimated around $2 billion was lost by investors to scams, rug pulls and hacks. Although the technology is becoming more secure and stable and many users are more aware of the tricks used to steal assets, there are still ways for thieves to extract your crypto if you aren’t careful.   Experts at Smart Betting Guide have provided a guide on the best ways to keep your crypto safe in 2024.  1. Do not store your password and seed phrase on the Cloud   For many people, the best and most convenient way to access crypto is through

Image
01-March-2024

FX Crisis: Nigeria May Slam $10bn Fine on Binance

By Adedapo Adesanya The Nigerian government may be considering a $10 billion fine on Binance, a crypto exchange platform, amid a crackdown on crypto platforms in desperate moves to restore the nation’s battered foreign exchange (FX) market. This information was disclosed by Mr Bayo Onanuga, who is the Special Adviser on Information and Strategy to President Bola Tinubu, in an interview with the British Broadcasting Corporation (BBC) on Friday morning. According to the President’s aide, this was necessary as the Nigerian government believes Binance profited substantially from its “illegal transactions” in the country while the nation suffered huge losses. Mr

Image
01-March-2024

Business Confidence in Nigeria Falls in February Amid Rise in Input Costs

By Modupe Gbadeyanka Business conditions in Nigeria slowed to 51.0 in February 2024 from 54.5 in January 2024, as price pressures intensified in the private sector at an unprecedented pace in over a decade of data collection, the Stanbic IBTC Bank Purchasing Managers’ Index (PMI) has revealed. A statement from the lender disclosed that the improvement in business conditions was the weakest since the recovery in the private sector began last December. It stated that input costs surged higher in the period under consideration as a result of higher fuel prices and exchange rate weakness, which drove up material costs.

Image
01-March-2024

Harvard Business School Introduces Tony Elumelu Foundation Case Study

By Modupe Gbadeyanka A case study to spotlight the role of celebrated African businessman, Mr Tony Elumelu, in transforming the development agenda on the continent through his Tony Elumelu Foundation (TEF) has been introduced by the Harvard Business School. The case study, launched on Thursday, February 29, 2024, will critically look into how the former banker is catalysing entrepreneurship in Africa through his Africapitalism approach. At its unveiling before a class of graduate students at Harvard Business School, Mr Elumelu said, “TEF is creating economic hope and opportunity for African entrepreneurs. We know that entrepreneurship is the solution to youth

Image
01-March-2024

Unlisted Securities Remain in Negative Territory by 1.36%

By Adedapo Adesanya Correction at the NASD Over-the-Counter (OTC) Securities Exchange continued as it recorded a 1.36 per cent loss on Thursday, February 29. The bourse lost N21.34 million of its value during the trading session to close at N1.542 trillion compared with the preceding day’s N1.564 trillion and the NASD Unlisted Security Index (NSI) went down by 15.74 points to end the day at 1,138.05 points versus Wednesday’s 1,153.79 points. Yesterday’s decline was influenced by Aradel Holdings Plc, which further suffered further profit-taking, causing its price to drop N98.25 to close at N2,401.75 per share versus the preceding session’s

Image
01-March-2024

Naira Firms to N1,595/$1 at NAFEX, Weakens to N1,500/$1 at Black Market

By Adedapo Adesanya The Naira ended a tumultuous February as it recorded a price appreciation f 0.09 per cent or N14.40 against the US Dollar on Thursday, February 29, in the Nigerian Autonomous Foreign Exchange Market (NAFEM). Data obtained from the FMDQ Securities Exchange showed that the value of the local currency closed at N1,595.11/$1 during the session compared with the preceding day’s N1,609.51/$1. Also, the Nigerian currency improved its value against the Pound Sterling in the official market yesterday by N20.34 to close at N2,046.19/£1 compared with the preceding session’s N2,066.53/£1 and strengthened against the Euro by N16.5 to

Image
01-March-2024

Oil Down as US Inflation Signals Weak Crude Demand

By Adedapo Adesanya  Oil was down on Thursday as inflation data in the United States implied a softening of the world’s biggest economy that could weaken crude demand. Brent futures went down by 6 cents to $83.62 a barrel and the US West Texas Intermediate (WTI) futures depreciated by 28 cents to $78.26 a barrel. The US Federal Reserve’s preferred inflation gauge, the US Personal Consumption Expenditures (PCE) index, showed January inflation in line with economists’ expectations. The index rose 0.3 per cent last month, the Commerce Department’s Bureau of Economic Analysis said. Data for December was revised lower to

Image
01-March-2024

Local Stock Market Rebounds, Closes Last Day of February 0.68% Higher

By Dipo Olowookere The last trading session of February 2024 at the Nigerian Exchange (NGX) Limited ended on a positive note as it rebounded by 0.68 per cent after the interest rate hike scare. The growth posted on Thursday was triggered by bargain-hunting in financial stocks, especially those selling at cheaper prices after the sell-offs in the past few sessions. However, profit-taking persisted in the other sectors of the bourse, with the energy, and consumer goods indices closing lower by 0.33 per cent, and 0.18 per cent, respectively. Business Post reports that the banking space rose by 6.14 per cent,