By Peter OBIORA InvestAdvocate
Lagos (INVESTADVOCATE)- Nigeria’s inflation rose 1.07 percent to 9.4 percent in September from 9.3 percent recorded in August 2015, according to the National Bureau of Statistics (NBS) latest Consumer Price Index (CPI).
“The faster pace in September was as a result of higher Food and non-food divisions — Alcoholic Beverage, Tobacco and Kola; Clothing and Footwear; and Housing, Water, Electricity, Gas and Other Fuels divisions — amongst others which contribute to the Headline index,” the NBS said in the report.
According to the Nigeria’s statistics office, 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 affirmed the Core sub-index increased by 8.9 percent in September (year-on-year), from 9.0 percent in August. “The Core sub-index was weighted upon by slower increases in multiple groups and or divisions in particular; garments, Fuels and lubricants for personal transport equipment, Hotel Accommodation services, and other services in the Communication and Miscellaneous Goods and Services divisions,” the CPI report noted.
NBS says on a month-on-month (M-t-M) basis, the pace of increases of the Headline index has held constant for the second consecutive month at 0.6 percent, 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.
It said in September, the Urban index edged higher, increasing by 9.5 percent (year-on-year), up by 0.3 percent points from 9.2 percent in August.
On the contrary, the report said the rural increased by 9.3 percent in September from 9.4 percent in August. “On a month-on-month basis, the Urban index edged higher from 0.6 percent in August to 0.7 percent in September, while the Rural index increased at a slower pace for the fourth consecutive month, increasing by 0.5 percent in September from 0.6 percent in August,” the NBS added.
According to the nation’s statistics officer, the percentage change in the average composite CPI for the twelve-month period ending in September over the average of the CPI for the previous twelve-month period was 8.7 percent, marginally higher from the 8.6 percent rate recorded in August.
It reported that the corresponding twelve-month year-on-year average percentage change for the Urban index increased marginally from 8.6 percent to 8.7 percent, while the corresponding Rural index also edged higher to 8.6 percent in September from 8.5 reported in August, 2015.
