Isaac Anumihe, Abuja
NIGERIA’S inflation rate maintained its upward swing in September, rising to 13.71 per cent from 13.22 per cent in August.
According to the document obtained from the website of the National Bureau of Statistics (NBS), inflation increased by 0.49 per cent point to steady at 13.71 per cent.
The increases were recorded in all divisions that yielded headline index. On a month-on-month basis, headline index increased by 1.48 per cent in September 2020, indicating 0.14 per cent rate higher than the rate recorded in August 2020 (1.34) per cent.
Food index rose by 16.66 per cent in September 2020 compared to 16.00 per cent in August 2020. “This rise in the food index was caused by increases in prices of bread and cereals, potatoes, yam and other tubers; meat, fish, fruits and oils and fats. “On month-on-month basis, the food sub-index increased by 1.88 per cent in September 2020, up by 0.21 per cent points from 1.67 per cent recorded in August 2020” the bureau, said. NBS said that the average annual rate of change of the food sub-index for the 12-month period ending September 2020 over the previous 12-month average was 15.13 per cent, 0.26 per cent points from the average annual rate of change recorded in August 2020 (14.87 per cent).
The percentage change in the average composite Consumer Price Index (CPI) for the 12 months period ending September 2020 over the average of the CPI for the previous 12 months period was 12.44 per cent, showing 0.21 per cent point from 12.23 per cent recorded in August 2020.
The urban inflation rate increased by 14.31 per cent (year-on-year) in September 2020 from 13.83 per cent recorded in August 2020, while the rural inflation rate increased by 13.14 per cent in September 2020 from 12.65 per cent in August 2020. “The ‘’All items less farm produce’’ or Core inflation, which excludes the prices of volatile agricultural produce stood at 10.58 per cent in September 2020, up by 0.06 per cent when compared with 10.52 per cent recorded in August 2020. “On month-on-month basis, the core sub-index increased by 0.94 per cent in September 2020. This was down by 0.11 per cent when compared with 1.05 per cent recorded in August 2020. The highest increases were recorded in prices of air passenger transport, medical services, hospital services, pharmaceutical products, passenger transport by road, motor cars, vehicle spare parts, maintenance and repair of personal transport equipment, repair of furniture and Paramedical services”NBS, noted.