Nigeria’s inflation rose to 18.3 per cent in October -Statistics Bureau

National-Bureau-of-Statistics-NBS

Consumers paid higher prices for goods and services in October as the National Bureau of Statistics, NBS, said consumer price index. CPI, rose by 0.48 per cent points from the previous month.

The CPI measures the average rate of inflation in prices of goods and services over a period.

Latest CPI report for October showed that inflation increased by 18.3 per cent (year-on-year) in the month, about 0.48 per cent points higher than the rate recorded in September (17.9 per cent).

On a month-on-month basis, the report said the headline index rose by 0.83 per cent in October, higher from the rate recorded in September (0.81 per cent).

Headline index consists of the Core Index and Farm Produce items, with processed foods included in both the core and food sub-indices, implying the sub-indices are not mutually-exclusive.

The NBS said increases were recorded across almost all major divisions which contribute to the headline index, with communication, restaurants and hotels sectors having the most sluggish pace of growth in October, at 5.7 per cent and 9.4 per cent year-on-year respectively, while recreation and culture grew by 10.3 per cent.

Nigerians paid about 0.47 per cent points more for food, as food index rose by 17.1 per cent (year-on-year) in October, from 16.6 per cent recorded in September.

The rise in food prices for the month was regardless of the optimism by the federal government that the renewed focus and investment in agricultural sector would yield more food being produced to help the country realize its objective towards food sufficiency in the near future.

During the month, the NBS said all major food groups contributing to the food sub-index rose in prices, although fruits recorded the slowest pace of increase at 11.5 per cent.

The rise in composite food index by 17.1 per cent in October, the report explained, was as a result of increases in the prices of bread, cereal, fish, and meat.

On a month-on-month basis, the food sub-index increased by 0.86 per cent in October from 0.81 per cent recorded in September.

The report said price movements recorded by the All Items less farm produce, or Core sub-index rose by 18.1 per cent (year-on-year) in October, up by 0.4 per cent points from rates recorded in September (17.7 per cent).

During the month, consumers paid the highest increases in the cost for housing, water, electricity, gas and other fuels as well as, fuels and lubricants for personal transport equipment and education.

For instance, in the Federal Capital Territory, the rent for a two-bed room flat went for as high as between N1.2 million and N1.5 million per annum, while an average household paid as much as N5,000 to 7,000 per month for electricity as a result of the over 67 per cent hike in electricity tariff by the Nigerian Electricity Regulatory Commission, NERC.

Besides, cooking gas which used to go for N2,600 for a 25 kilogramme cylinder to refill, now takes as much as N3,700 and N4,000 for the same refill. Average price of petrol, which used to go for about N141 and N143 per litre, now goes for a minimum of N145 per litre even in government owned filling stations run by the Nigerian National Petroleum Corporation, NNPC.

The NBS gave the average price for premium motor spirit, popularly called petrol, at N145.9 per litre, with the highest prices in Yobe (N150 per litre), Nasarawa and Abia states (N148 per litre) respectively.

Average price for household kerosene for the month was N293 per litre, with the highest prices per litre sold in Sokoto (N375), Taraba (371) and Yobe (N354).

As consumers look forward to the forthcoming Christmas season, significant price movements were seen during the month under the core sub-index, as the prices for clothing and footwear increased by 17.8 per cent year-on-year basis.

The report said the urban index rose by 19.9 per cent (year-on-year) in October from 19.5 per cent recorded in September, while the rural index increased by 16.95 per cent in October, from 16.4 per cent in September.

On month-on-month basis, the urban index rose by 0.81 per cent in October from 0.79 per cent recorded in September, while the rural index rose by 0.84 per cent in October from 0.83 per cent in September.

The percentage change in the average composite CPI for the 12-month period ending in October 2016 over the average of the CPI for the previous 12-month period was 14.2 per cent, higher than 13.5 per cent recorded in September.

The ‘’All Items Less Farm Produce’’, or Core sub-index, excluding the prices of volatile agricultural produce, rose by 18.1 per cent during the month, 0.4 per cent points, from 17.7 per cent recorded in September as all key divisions contributed to the increase in index.

On a month-on-month basis, the Core sub-index rose by 0.75 per cent in October, down by 0.21 per cent points from 0.96 per cent recorded in September.


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