Tag: CPI

The headline inflation rate in Nigeria increased to 20.77 per cent in September 2022 on a year-on-year basis, according to the National Bureau of Statistics (NBS).

This is contained in a statement issued by Prince Semiu Adeniran, the Statistician-General of the Federation and Chief Executive Officer of the NBS on Monday in Abuja.

The statement was on the  Consumer Price Index (CPI) and Inflation Report for September. Adeniran said the figure is 4.14 per cent points higher compared to the 16.63 per cent recorded in September 2021.

“This indicates that in September 2022, the general price level was 4.14 per cent higher relative to September 2021.”

He said factors responsible for the increase in the annual inflation rate include interruption in the supply of food products, increase in import cost due to the persistent currency depreciation and a general increase in the cost of production.

Adeniran said on a month-on-month basis, the headline inflation rate in September was 1.36 per cent, which was 0.41 per cent lower than the rate recorded in August 2022 at 1.77 per cent.

“This means that in September 2022, the headline inflation rate on a month–on–month basis declined by 0.41 per cent, relative to August 2022.”

He said that the factor responsible for the decline in the monthly inflation rate in the last two months was a decline in the changes in the food index.

According to him, this is relative to the reference month index, which is due to the present harvest season.

He said the percentage change in the average CPI for all items index for the 12 months ending September 2022 over the average of the CPI for the previous 12-month period was 17.43 per cent.

” This is showing a 0.60 per cent increase compared to 16.83 per cent recorded in September 2021.”

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

He said the food sub-index increased by 23.34 per cent on a year-on-year basis in September 2022,  adding that the inflation was 3.77 per cent higher compared to the rate recorded in September 2021 at 19.57 per cent.

“This rise in food inflation was caused by increases in prices of bread and cereals, food products, potatoes, yam, and other tubers, oil, and fat.”

The statistician-general said on a month-on-month basis, the food inflation rate in September was 1.43 per cent, adding that this was a 0.54 per cent decline compared to the rate recorded in August 2022 at 1.98 per cent.

According to him, this decline is attributed to a reduction in prices of some food items like tubers, palm oil, maize, beans, and vegetables.

Adeniran said the average annual rate of food inflation for the 12 months ending September 2022 over the previous 12-month average was 19.36 per cent.

”This was a decline of 1.35 per cent points from the average annual rate of change recorded in September 2021 at 20.71 per cent.”

He said in September 2022, consumer price index for urban consumers rose by 4.06 per cent on a year-on-year basis.

“That is in September 2022, the urban inflation rate was 21.25 per cent higher compared to the 17.19 per cent recorded in September 2021.

“On a month-on-month basis, the urban inflation rate was 1.46 per cent in September 2022, this was a 0.34 per cent decline compared to August 2022 at 1.79 per cent. ”

Adeniran said the corresponding 12-month average for the urban inflation rate was 17.94 per cent in September 2022, showing a 0.53 per cent increase compared to the 17.41 per cent reported in September 2021.

He said the inflation rate for rural consumers in September 2022 was 20.32 per cent on a year-on-year basis, which was 4.24 per cent higher compared to 16.08 per cent recorded in September 2021.

”On a month-on-month basis, the rural inflation rate in September 2022 was 1.27 per cent, this is a 0.48 per cent decline compared to August 2022 at 1.75 per cent.”

Adeniran said the corresponding 12-month average for the rural inflation rate in September 2022 was 16.94 per cent, showing a 0.68 per cent increase compared to the 16.26 per cent recorded in September 2021

On the states’ profiles, he said all items inflation rate for  September 2022 on a year-on-year basis was highest in Kogi at 23.82 per cent, followed by Rivers at 23.49 per cent, and Benue at 22.78 per cent.

“While the states with the slowest rise  were Abuja with 17.87 per cent followed by Borno with 18.12 per cent, and Adamawa with 18.42 per cent.”

The statistician-general said on a month-on-month basis, the state all items index for September 2022 recorded the highest rate in Jigawa at 2.58 per cent, followed by Yobe at 2.22 per cent and Benue at 2.05 per cent.

“While the states with the slowest rise were Abuja at -0.72, followed by Sokoto with -0.19 per cent and Adamawa with 0.25 per cent.”

The National Bureau of Statistics (NBS), says Nigeria’s headline inflation rate increased to 19.64 per cent on a year-on-year basis in July.

Prince Semiu Adeniran, the Statistician-General of the Federation and Chief Executive Officer, National Bureau of Statistics (NBS) said this in the Consumer Price Index (CPI) for July 2022 released by the bureau in Abuja on Monday.

Giving a breakdown of the report in a statement, Adeniran said that the CPI measures the average change over time in the prices of goods and services consumed by people for day-to-day living.

According to him, it is a core macroeconomic indicator used in the derivation of the inflation rate for policy, planning, and monitoring of an economy.

Adeniran said the report showed that in July 2022, on a year–on–year basis, the headline inflation rate was 19.64 per cent.

“This is 2.27 per cent points higher compared to the rate recorded in July 2021, which was 17.38 per cent.

“This shows that the headline inflation rate increased in July 2022 when compared to the same month in the previous year of July 2021.

“This means that in July 2022, the general price level was 2.26 per cent higher than in July 2021.’’

He said increases were recorded in all Classification of Individual Consumption by Purpose (COICOP) divisions that yielded the Headline index.

Adeniran said the increase in inflation was caused by an increase in food index attributed to the disruption in the supply of food products.

The statistician-general also said the increase in inflation was caused by an increase in the cost of transportation arising from the higher cost of energy.

According to him, the increase in the inflation rate was also due to an increase in import costs as a result of currency depreciation, as well as a general increase in the cost of production.

He said on a month-on-month basis, the headline inflation rate in July 2022 was 1.817 per cent, which was higher than the rate recorded in June 2022 at 1.816 per cent.

“The percentage change in the average CPI for the twelve months ending July 2022 over the average of the CPI for the previous twelve months period was 16.75 per cent.

“This is showing a 0.46 per cent increase compared to 16.30 per cent recorded in July 2021.’’

Adeniran said the composite food index on a year-on-year basis was 22.02 per cent in July 2022, showing a rise compared to 21.03 per cent in July 2021.

He said the rise in the food index was caused by increases in prices of Bread and cereals, Food products, potatoes, yam, and other tubers, meat, fish, oil, and fat.

The statistician-general said on a month-on-month basis, the food sub-index in July 2022 was 2.04 per cent lower than the 2.05 per cent recorded in June 2022.

“The index for all items less farm produce (Core inflation), which excludes the prices of volatile agricultural produce stood at 16.26 per cent in July 2022 on a year-on-year basis.

“This was higher when compared to 13.72 per cent recorded in July 2021. On a month-on-month basis, the core sub-index was 1.75 per cent in July 2022 higher when compared to 1.56 per cent recorded in June 2022.

He said the highest increases were recorded in prices of gas, liquid fuel, solid fuel, passenger transport by road, passenger transport by air, garments, cleaning, repair and hire of clothing.

Adeniran said on a year-on-year basis, in July 2022, the urban inflation rate was 20.09 per cent, 2.08 per cent higher compared to 18.01 per cent recorded in July 2021.

He said on a month-on-month basis the urban inflation rate was 1.82 per cent in July 2022, showing a decline compared to June 2022 at 1.82 per cent.

Adeniran said the rural inflation rate in July 2022 was 19.22 per cent on a year-on-year basis, which were 2.47 per cent higher compared to the 16.75 per cent recorded in July 2021.

“On a month-on-month basis, the rural inflation rate in July 2022 was 1.811 per cent, which was higher compared to June 2022 at 1.809 per cent.’’

Adeniran said all Items Inflation for the states in July 2022 on a year-on-year basis was highest in Akwa Ibom with 22.88 per cent, followed by Ebonyi with 22.51 per cent, and Kogi with 22.08 per cent.

The statistician-general said the slowest rise was recorded in Jigawa with 16.62 per cent, followed by Kaduna State with 17.04 per cent and Borno with 18.04 per cent.

Adeniran said on a month-on-month basis, July 2022 recorded the highest increase in Adamawa with 2.87 per cent, followed by Abuja with 2.84 per cent, and Oyo State with 2.77 per cent.

“While Bauchi recorded the slowest rise on month-on-month inflation with 0.82 per cent, followed by Kano State with 0.83 per cent and Niger State with 1.03 per cent.’’

He said Food Sub-index Inflation for the states in July 2022 on a year-on-year basis was highest in Kwara with 29.28 per cent, followed by Akwa Ibom with 27.22 per cent, and Kogi with 26.08 per cent.

The statistician-general said Kaduna State recorded the slowest rise in food inflation year-on-year with 17.16 per cent, followed by Jigawa with 17.46 per cent and Anambra with 19.25 per cent.

Adeniran said on a month-on-month basis, the food inflation sub-index was highest in Kwara with 3.90 per cent, followed by Delta with 3.61 per cent, and Benue with 2.94 per cent.

While he said Taraba, Gombe, and Niger recorded the slowest rise on a month-on-month inflation with 0.14 per cent, 0.94 per cent, and 1.13 per cent respectively.