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NBS: High food prices push inflation to 13.71%

By Obas Esiedesa

The consumer price index (CPI) which measures inflation increased by 13.71 percent (year-on-year) in September 2020, led largely by hike in food prices.
Data released by the National Bureau of Statistics on Thursday in Abuja showed that the new rate is 0.49 percent points higher than the rate recorded in August 2020 (13.22) percent.

NBS said there were increases in all COICOP divisions that yielded the Headline index.
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.

The data showed that highest increases were recorded in the price of oil and fats, fish, potatoes, yam and other tubers, meat, bread and cereal and fruits. With inflation in the sector recorded at 16.66 percent y-on-y.

Data for Core sub-index showed 10.58 percent increase led by rises in airfares, hospital services, pharmaceuticals, medical, motor cars, vehicle spare parts, and passenger transport by road.

In the Urban Index, inflation rose by 14.31 percent y-on-y and 1.56 percent month-on-month. Conversely, the Rural Index showed inflation at 13.14 percent y-on-y and 1.40 percent m-on-m.
Amongst the states, Bauchi recorded the highest inflation in September at 17.85 percent, followed by Zamfara and Kogi with 17.42 percent and 16.66 percent respectively.
Also, the lowest rise was recorded in Kwara at 10.53 percent followed by Abuja and Lagos at 10.59 percent and 11.19 percent respectively.

Written by ExpressDay


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