CPI – The Commerce Africa https://thecommerceafrica.com African Reneissance Mon, 19 Oct 2020 08:20:52 +0000 en-US hourly 1 https://wordpress.org/?v=5.9 Nigeria’s Inflation Rate Increases to 13.71% in September https://thecommerceafrica.com/nigerias-inflation-rate-increases-to-13-71-in-september/ https://thecommerceafrica.com/nigerias-inflation-rate-increases-to-13-71-in-september/#respond Mon, 19 Oct 2020 08:20:49 +0000 http://thecommerceafrica.com/?p=2354 The National Bureau of Statistics (NBS) disclosed that the consumer price index, CPI, which measures inflation has increased by 13.71 percent (year-on-year) in September 2020.

The NBS made the disclosure on its “CPI and Inflation Report September 2020,” on Thursday.

According to the report, increases were recorded in all Classification of Individual Consumption by Purpose (COICOP) divisions that yielded the Headline index.

The report added: “On a month-on-month basis, the Headline index increased by 1.48 percent in September 2020. This is 0.14 percent rate higher than the rate recorded in August 2020 (1.34) percent.”

NBS said the percentage change in the average composite CPI for the twelve months period ending September 2020 over the average of the CPI for the previous twelve months period was 12.44 percent, showing 0.21 percent point from 12.23 percent recorded in August 2020.

The report reads in part: “On a month-on-month basis, said thr report, the urban index rose by 1.56 percent in September 2020, up by 0.14 from 1.42 percent recorded in August 2020, while the rural index also rose by 1.40 percent in September 2020, up by 0.13 from the rate recorded in August 2020 (1.27 percent).

“The urban inflation rate increased by 14.31 percent (year-on-year) in September 2020 from 13.83 percent recorded in August 2020, while the rural inflation rate increased by 13.14 percent in September 2020 from 12.65 percent in August 2020.

“The corresponding twelve-month year-on-year average percentage change for the urban index is 13.07 percent in September 2020.

“This is higher than 12.85 percent reported in August 2020, while the corresponding rural inflation rate in September 2020 is 11.86 percent compared to 11.66 percent recorded in August 2020.

“On a month-on-month basis, the Headline index increased by 1.48 percent in September 2020. This is 0.14 percent rate higher than the rate recorded in August 2020 (1.34) percent.
Increases were recorded in all COICOP divisions that yielded the Headline index.

“The consumer price index, (CPI) which measures inflation increased by 13.71 percent (year-on-year) in September 2020. This is 0.49 percent points higher than the rate recorded in August 2020 (13.22) percent.”

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Nigeria’s Inflation Rate Hits 12.8% in July https://thecommerceafrica.com/nigerias-inflation-rate-hits-12-8-in-july/ https://thecommerceafrica.com/nigerias-inflation-rate-hits-12-8-in-july/#respond Mon, 17 Aug 2020 14:20:15 +0000 http://thecommerceafrica.com/?p=1560 Nigeria’s consumer price index (CPI) which measues inflation rate rose further to 12.82 per cent in July, representing 0.26 per cent increase from (12.56) percent recorded in June, 2020.

According to the National Bureau of Statistics (NBS) on Monday, the latest CPI data is the highest in 27 months, as food prices continued to surge.

Nigeria’s inflation, made worse by last year’s border closure and the coronavirus pandemic, has continued to rise for months as prices of staple foods like rice, frozen foods, vegetable oil, processed foods remain high.

In the new report, the composite food index rose by 15.48 per cent in July compared to 15.18 per cent in June 2020.

“This rise in the food index was caused by increases in prices of bread and cereals, potatoes, yam, and other tubers, meat, fruits, oils and fats, and fish,” the report said.

Indicating the impact of food prices, core inflation, which excludes the prices of volatile agricultural produce, stood at 10.10 per cent in July 2020, down by 0.03 percent when compared with 10.13 percent recorded in June 2020.

“The highest increases were recorded in prices of Medical services, passenger transport by air, pharmaceutical products, hospital services, passenger transport by road, maintenance and repair of personal transport equipment, paramedical services and vehicle spare parts,” the report stated.

In July 2020, all items inflation on year on year basis was highest in Bauchi (16.10%), Kogi (15.90%) and Sokoto and Plateau (15.20%), while Lagos (10.70%), Adamawa (10.60%) and Kwara (10.50%) recorded the slowest rise in headline Year on Year inflation.

On month on month basis however, July 2020 all items inflation was highest in Kogi (2.85%), Zamfara (2.44%) and Yobe (2.35%), while Ondo (0.67%), Adamawa (0.63%) and Ogun and Imo (0.62%) recorded the slowest rise in headline month on month inflation.

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Nigeria’s Inflation Rate Increases to 12.56 in June https://thecommerceafrica.com/nigerias-inflation-rate-increases-to-12-56-in-june/ https://thecommerceafrica.com/nigerias-inflation-rate-increases-to-12-56-in-june/#respond Fri, 17 Jul 2020 13:46:55 +0000 http://thecommerceafrica.com/?p=1116 The Nigeria’s National Bureau of Statistics (NBS) Friday reported that the country’s consumer price index, (CPI) which measures inflation increased to 12.56 percent (year-on-year) in June 2020, representing 0.16 percent points higher than the rate recorded in May 2020 (12.40) percent.

According to NBS, the increases were recorded in all Classification of Individuals Consumption by Purposes (COICOP) divisions that yielded the Headline index.

On month-on-month basis, the Headline index increased by 1.21 percent in June 2020. This is 0.04 percent rate higher than the rate recorded in May 2020 (1.17 percent).

The percentage change in the average composite CPI for the twelve months period ending June 2020, over the average of the CPI for the previous twelve months period was 11.90 percent, representing a 0.11 percent point increase from 11.79 percent recorded in May 2020.

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