October 16, 2018
By Peter OBIORA InvestAdvocate
Lagos (INVESTADVOCATE)-Nigeria’s inflation rate has risen for the second consecutive month from 11.23 percent in August to 11.28 percent in September 2018, according to the National Bureau of Statistics (NBS) latest report.
NBS says this is 0.05 percent points higher than the rate recorded in August 2018 (11.23) percent.
According to the report, increases were recorded in all Classification of Individual Consumption by Purpose (COICOP) divisions that yield the Headline Index 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,” the nation’s statistics office said.
The percentage change in the average composite CPI for the twelve months period ending September 2018 over the average of the CPI for the previous twelve months period was 13.16 percent, showing 0.39 percent point from 13.55 percent recorded in August 2018.
The NBS says the percentage change in the average composite CPI for the twelve months period ending September 2018 over the average of the CPI for the previous twelve months period was 13.16 percent, showing 0.39 percent point from 13.55 percent recorded in August 2018.
The NBS reports 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 report added.
The nation’s statistics office said corresponding twelve-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,” the report added.
The report affirmed that the composite food index rose by 13.31 percent in September 2018 compared to 13.16 percent in August 2018..
Also, 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.
While 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.
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