Nigeria’s inflation hits 9.4% in September

The National Bureau of Statistics (NBS) says the nation’s consumer inflation rose to 9.4 per cent year-on-year in September from 9.3 per cent in August 2015.

The NBS made the disclosure in its September Consumer Price Index on Wednesday.

The NBS attributed the increase to a result of higher food and non-food divisions which include alcoholic beverage, tobacco and kola; clothing and footwear; housing, water, electricity, gas and other fuels divisions.

“While the Muslim holidays period may have contributed to higher food prices, the food sub-index as a whole recorded a marginal increase by 10.2 per cent (year-on-year) in September from 10.1 per cent in August.

“Prices rose in major categories such as bread and cereals, meats, fish, oils and fats groups.

“The fruits, vegetables and potatoes, yams and other tubers groups have, however, held constant or grown at a slower pace for three consecutive months, ultimately weighing on the index.

“The advances recorded by the `all items less farm produce’ or core sub-index increased at a marginally slower pace in September relative to August,’ it said.

The bureau said the core sub-index increased by 8.9 per cent in September (year-on-year), from 9.0 per cent in August.

It said the core sub-index was weighted upon by slower increases in multiple groups and or divisions such as garments, fuels and lubricants for personal transport equipment, hotel accommodation services.

The NBS said it also include other services in the communication and miscellaneous goods and services divisions.

The bureau noted that the headline index was made up of the core index and farm produce items.

It said, “On a month-on-month basis, the pace of increases of the headline index has held constant for the second consecutive month at 0.6 per cent, the lowest pace recorded this year.

“Non-food divisions which weighted on the index include housing water, electricity, gas and other fuels; communication, education and miscellaneous goods and services’’.

The NBS added that in September, the urban index increased by 0.3 per cent to from 9.2 per cent in August, while the rural declined to 9.3 per cent in September from 9.4 per cent in August.

“On a month-on-month basis, the urban index edged higher from 0.6 per cent in August to 0.7 per cent in September.

“The rural index increased for the fourth consecutive month, increasing by 0.5 per cent in September from 0.6 per cent in August.

“The percentage change in the average composite CPI for the 12-month period ending in September was 8.7 per cent, marginally higher from the 8.6 per cent rate recorded in August.

“The corresponding 12-month year-on-year average percentage change for the urban index increased marginally from 8.6 per cent to 8.7 per cent.

“Also the corresponding rural index also went up to 8.6 per cent in September from 8.5 per cent in August,’’ the report added.

It also said that food prices as observed by the food sub-index increased by 10.2 per cent from 10.1 per cent recorded in August.

On a month-on-month basis, the food sub-index held at the same rate for the second consecutive month in September, increasing by 0.6per cent.

The average annual rate of change of the food sub-index for the 12-month period in September 2015 over the previous 12-month average was 9.6 per cent, the same rate for three consecutive months.