The National Bureau for Statistics (NBS) has announced that Nigeria’s inflation rate for September rose to 11.24 percent, which is 0.22 percent higher than the 11.02 percent recorded in August 2019.
The NBS said in its monthly report of the Consumer Price Index (CPI), which measures inflation, that increases were recorded in all Classification of Individual Consumption by Purpose (COICOP) divisions that yielded the Headline index.
It noted that on month-on-month basis, the Headline index increased by 1.04 percent in September 2019, representing 0.05 percent rate higher than the rate recorded in August 2019 (0.99) percent.
According to the report, the percentage change in the average composite CPI for the 12 months period ending September 2019 over the average of the CPI for the previous 12 months period was 11.268 percent, showing 0.003 percent point from 11.271 percent recorded in August 2019.
The NBS said that 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, the urban index rose by 1.13 percent in September 2019, up by 0.09 from 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 rate recorded in August 2019 (0.93) percent.
“The corresponding twelve-month year-on-year average percentage change for the urban index is 11.63 percent in September 2019. This 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 August 2019,” it said.
It explained that the composite food index rose by 13.51 percent in September 2019 compared to 13.17 percent in August 2019 and that the 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 12-month average was 13.47 percent, 0.01 percent points from the average annual rate of change recorded in August 2019 (13.46) percent,” it added.