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Tag: Inflation

  • Inflation rises to 17.33% in February – NBS

    Inflation rises to 17.33% in February – NBS

    The National Bureau of Statistics (NBS), says the inflation rate increased in February by 0.86 per cent to 17.33 per cent from 16.47 per cent recorded in January.

    The NBS said this in its Consumer Price Index (CPI) report for February 2021 released on Tuesday in Abuja.

    The bureau added that CPI increased by 17.33 per cent (year-on-year) in February.

    CPI measures the average change over time in prices of goods and services consumed by people for day-to-day living.

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

    “On month-on-month basis, the headline index increased by 1.54 per cent in February, this is 0.05 per cent rate higher than the rate recorded in January (1.49 per cent),” said the report.

    The NBS said the percentage change in the average composite CPI for the 12 months period ending February over the average of the CPI for the previous 12 months period was 14.05 per cent.

    This, it said, showed 0.43 per cent point from 13.62 per cent recorded in January.

    According to the report, the urban inflation rate increased by 17.92 per cent (year-on-year) in February from 17.03 per cent recorded in January.

    It added that the rural inflation rate increased by 16.77 per cent in February from 15.92 per cent in January.

    It said on a month-on-month basis, the urban index rose by 1.58 per cent, up by 0.06 rate recorded in, while the rural index also rose by 1.50 per cent in February, up by 0.04 per cent that was recorded in January (1.46) per cent.

    “The corresponding 12-month year-on-year average percentage change for the urban index is 14.66 per cent in February.

    “This is higher than 14.23 per cent reported in January, while the corresponding rural inflation rate in February is 13.48 per cent compared to 13.04 per cent recorded in January,” the report stated.

    It added that the composite food index rose by 21.79 per cent in February compared to 20.57 per cent in January.

    It said the rise in the food index was caused by increases in prices of bread and cereals, potatoes, yam and other tubers, meat, food products, fruits, vegetables, fish and oils and fats.

    It added that on month-on-month basis, the food sub-index increased by 1.89 per cent in, up by 0.06 per cent points from 1.83 per cent recorded in January.

    The bureau said that ”All items less farm produce” or Core inflation, which excludes the prices of volatile agricultural produce stood at 12.38 per cent in February, up by 0.53 per cent when compared with 11.85 per cent recorded in January.

    “On month-on-month basis, the core sub-index increased by 1.21 per cent in February.

    “This was down by 0.05 per cent when compared with 1.26 per cent recorded in January.

    “The highest increases were recorded in prices of passenger transport by air, medical services, miscellaneous services relating to the dwelling, hospital services and passenger transport by road.

    “Others are pharmaceutical products, paramedical services, repair of furniture, vehicle spare parts, maintenance and repair of personal transport equipment, motor cars, dental services and hairdressing salons and personal grooming establishment,” NBS stated.

    For state profile, the NBS said in February, all items inflation on year-on-year basis was highest in Kogi (24.73 per cent), Bauchi (22.92 per cent) and Ebonyi (20.45 per cent).

    Meanwhile Enugu (14.73 per cent), Kwara (14.25 per cent) and Cross River (12.97 per cent) recorded the slowest rise in headline year-on-year inflation.

    On month-on-month basis, however, February all items inflation was highest in Kogi (3.25 per cent), Ondo (2.46 per cent) and Kebbi (2.43 per cent).

    However, Kwara at 0.84 per cent, Kano (0.70 per cent) and Oyo (0.38 per cent) recorded the slowest rise in headline month on month.

    For food inflation, on a year-on-year basis, it was highest in Kogi (30.47 per cent), Ebonyi (25.73 per cent) and Sokoto (25.68 per cent).

    The report said Gombe (19.32 per cent), Bauchi (18.74 per cent) and Akwa Ibom (18.7 per cent) recorded the slowest rise in year on year inflation.

    On month-on-month basis, however, food inflation was highest in Kogi (3.34 per cent), Ondo (3.33 per cent) and Ebonyi (3.26 per cent).

    It added that Benue and Niger recorded 0.90 per cent, Kano (0.7per cent) and Oyo (0.09 per cent) recorded the slowest rise in month-on-month food inflation.

  • Nigeria’s inflation soars to record high, hits 16.47%

    Nigeria’s inflation soars to record high, hits 16.47%

    Nigeria’s inflation rate has climbed to a 33-month high, as it rose further to 16.47% in January 2021 from 15.75% in December 2020, the latest figures published by the National Bureau of Statistics (NBS) have shown.

    The report published on the website of the bureau shows that food inflation rose to 20.57% in January 2021 from 19.56% in the previous month, while core inflation jumped to 11.85% in January 2021 from 11.37% in December 2020.

    The latest spike marks the 17th consecutive month of rising inflation in Nigeria.

    The report suggested that the increase in food inflation was caused by increases in prices of bread and cereals, potatoes, yam and other tubers, meat, fruits, vegetables, F=fish, and oils, and fats.

    The last time Nigeria witnessed such a surge in the prices of food items was in July 2008 when food inflation rose to 12.9%.

    “In January 2021, food inflation on a year on year basis was highest in Kogi (26.64%), Oyo (23.69%) and
    River (23.49%), while Ondo (17.20%), Abuja (16.73%) and Bauchi (16.37%) recorded the slowest rise,” the report said.

    “On month on month basis, however, January 2021 food inflation was highest in Oyo (4.47%), Lagos (3.86%) and River (3.11%), while Akwa Ibom (0.25%) and Bayelsa (0.13%) recorded the slowest rise with Edo recording price deflation or negative inflation (general decrease in the general price level of food or a negative food inflation rate),” it added.

    The country’s inflation has been on the rise since the country shut its land borders. The situation became worse due to the coronavirus pandemic that has affected the global economy. The borders were opened in December 2020 more than a year after closing its land frontiers to crack down on smuggling.

    The economy is yet to recover from the impacts of coronavirus and the plunge in crude prices, with the country currently in recession.

    In the report, the composite food index rose to 18.30% percent in October 2020 compared to 17.38% percent in September 2020.

  • Just in: Nigeria’s inflation hits 15.75%, highest point since 2017

    Just in: Nigeria’s inflation hits 15.75%, highest point since 2017

    Nigeria’s inflation rate in December reached its highest point since 2017, a data released on Friday by the National Bureau of Statistics revealed.

    Inflation stood at 15.75 per cent in December, compared with 14.89 per cent in November, marking the 16th straight month of increases.

    The consumer inflation rate in December was the highest since November 2017, when it stood at 15.90 per cent.

    The NBS said the composite food index rose by 19.56 per cent in December from 18.30 percent in November.

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

  • Food prices increases as Nigeria’s inflation hits 14.89%

    Food prices increases as Nigeria’s inflation hits 14.89%

    Nigeria’s headline inflation has increased for the 15th consecutive month to 14.89% in November 2020, from 14.23% in October.

    The report which was released on Tuesday by the National Bureau of Statistics (NBS) also shows a spike in food inflation which jumped to 18.30% in November from 17.38% the previous month, while core inflation declined to 11.05%.

    The statistics office attributes the rise in the food index to increases in prices of major food commodities including potatoes, yam, and other tubers, as well as fruits and vegetables.

    Urban inflation was up to 15.47% while rural inflation was seen at 14.33% also in the month of November.

    “The urban inflation rate increased by 15.47 percent (year-on-year) in November 2020 from 14.81 percent recorded in October 2020, while the rural inflation rate increased by 14.33 percent in November 2020 from 13.68 percent in October 2020,” the report read.

    “Core inflation, which excludes the prices of volatile agricultural produce stood at 11.05 percent in November 2020, down by 0.09 percent when compared with 11.14 percent recorded in October 2020.

    “The highest increases were recorded in prices of passenger transport by air, medical services, hospital services, repair of furniture, passenger transport by road, maintenance and repair of personal transport equipment, vehicle spare parts, hairdressing salons, and personal grooming establishments, pharmaceutical products, paramedical services, and motor cars,” NBS noted in the report.

    On a year-on-year basis, food inflation was highest in Kogi (24.00 percent), Sokoto and Zamfara (20.60%); Ebonyi (20.20 percent), while Abia (16.20 percent), Bauchi (15.60 percent) and Gombe and Nasarawa (15.00 percent) recorded the slowest rise.

    The latest inflation figure is in line with the financial derivatives forecast of 14.8 percent, where the analysts cited November as the first month in which the impact of the increase in the price of PMS and a partial rise in electricity tariffs will feed into the inflation basket.

  • Nigeria’s Inflation jumps to 14.23%

    Nigeria’s Inflation jumps to 14.23%

    The National Bureau of Statistics (NBS) Consumer Price Index (CPI) says inflation has risen by 0.52 per cent to 14.23 per cent in October.

    The NBS report, which was released in Abuja on Monday, said that the CPI, which measures inflation, was higher than 13.71 per cent recorded in September.

    The CPI measures the average change over time in prices of goods and services consumed by people for day-to-day living.

    TheNewsGuru.com, TNG reports that there has been a steady rise in inflation rate from 11.24 per cent since September 2019.

    The October report said that the increase in inflation was on a year-on-year basis and increases were recorded in all Classification of Individual Consumption by Purpose (COICOP) divisions that yielded the Headline Index.

    It said that on a month-on-month basis, the headline index increased by 1.54 per cent in October, showing 0.06 per cent rate higher than 1.48 per cent recorded in September.

    “The percentage change in the average composite CPI for the 12 months’ period ending October over the average of the CPI for the previous 12 months period was 12.66 per cent.

    “This shows 0.22 per cent point rise from 12.44 per cent recorded in September.

    “The urban inflation rate increased by 14.81 per cent (year-on-year) in October from 14.31 per cent recorded in September, while the rural inflation rate increased by 13.68 per cent in October 2020 from 13.14 per cent in September 2020.

    On a month-on-month basis, the urban index rose by 1.60 per cent in October 2020, up by 0.04 from 1.56 per cent recorded in September.

    “The rural index also rose by 1.48 per cent in October, up by 0.08 per cent from the rate recorded in September of 1.40 per cent.”

    According to the report, the corresponding 12-month year-on-year average percentage change for the urban index is 13.29 per cent in October.

    This, it said, was higher than 13.07 per cent reported in September, while the corresponding rural inflation rate in October was 12.09 per cent compared to 11.86 per cent recorded in September.

    The NBS also said that the composite food index rose by 17.38 per cent in October compared to 16.66 per cent recorded in September.

    It said that the rise in the food index was caused by increases in prices of bread and cereals, potatoes, yam and other tubers, meat, fish, fruits, vegetable, alcoholic and food beverages as well as oils and fats.

    It said that on month-on-month basis, the food sub-index increased by 1.96 per cent in October was up by 0.08 per cent points from 1.88 per cent recorded in September.

    For the ”All items less farm produce” or Core inflation, which excludes the prices of volatile agricultural produce, the NBS said it stood at 11.14 per cent in October, up by 0.56 per cent when compared with 10.58 per cent recorded in September.

    It added that on month-on-month basis, the core sub-index increased by 1.25 per cent in October, up by 0.31 per cent when compared with 0.94 per cent recorded in September.

    According to the report, the highest increases are recorded in prices of passenger transport by air, hospital and medical services, passenger transport by road, pharmaceutical products, motor cars and vehicle spare parts.

    Others are maintenance and repair of personal transport equipment, hairdressing salons and personal grooming establishments, miscellaneous services relating to the dwelling, paramedical services as well as shoes and other footwear.

    For state profiles, the NBS said that all items inflation on year on year basis was highest in Zamfara at 17.69 per cent followed by Sokoto at 16.99 per cent and Ebonyi 16.91 per cent.

    According to it, Lagos has 11.96 per cent, Abuja 11.84 per cent and Cross River 10.50 per cent, recording the slowest rise in headline Year on Year inflation.

    On month on month basis however, it said that all items inflation for the month under review was highest in Sokoto at 2.91 per cent, Edo 2.53 per cent and Akwa Ibom 2.52 per cent.

    Meanwhile, Oyo stood at 0.69 per cent, Taraba 0.60 per cent and Jigawa had 0.37 recording the slowest rise in headline month on month inflation.

    For food inflation, on a year on year basis, it was highest in Edo with 21.65 per cent, Zamfara 20.88 per cent and Kogi 20.58 per cent, while Lagos with 14.57 per cent, Ogun with 14.47 per cent and ondo at 14.23 per cent recorded the slowest rise.

    “On month on month basis however, October food inflation was highest in Kwara at 3.88 per cent, Edo 3.81 per cent and Sokoto 3.65 per cent.

    “While Oyo stood at 0.57 per cent, Jigawa is put at 0.54 per cent and Taraba at 0.29 per cent recorded the slowest rise on month on month inflation,” NBS reports said.

  • JUST IN: Nigeria’s Inflation Hits 30-Month High of 13.71%

    JUST IN: Nigeria’s Inflation Hits 30-Month High of 13.71%

    Nigeria’s inflation rose to a 30-month high of 13.71 per cent in September 2020 from 13.22 per cent recorded in August 2020.

    This was disclosed by the National Bureau of Statistics (NBS) Consumer Price Index (CPI) report for September released this morning.

    Equally, the composite food index rose by 16.66 per cent in September 2020 from 16 per cent in August 2020, the report said further.

    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 a 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 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 14.87 per cent in August 2020.

    Core inflation which measures all items less farm produce and excludes the prices of volatile agricultural produce stood at 10.58 per cent in September 2020 from 10.52 per cent in the preceding month.

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

    On a month-on-month basis, the headline index increased by 1.48 per cent in September 2020. This is 0.14 per cent rate higher than the rate recorded in August 2020, which stood at 1.34 per cent.

    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 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.

    On a month-on-month basis, the urban index rose by 1.56 per cent in September 2020, up by 0.14 from 1.42 per cent recorded in August 2020, while the rural index also rose by 1.4 per cent in September 2020, up by 0.13 from 1.27 per cent recorded in August 2020.

    The corresponding 12-month year-on-year average percentage change for the urban index is 13.07 per cent in September 2020. This is higher than 12.85 per cent reported in August 2020, while the corresponding rural inflation rate in September 2020 is 11.86 per cent compared to 11.66 per cent recorded in August 2020.

    The highest increases were recorded in prices of Passenger transport by air, 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.

  • Inflation rate increases to 13.22% in August – NBS

    Inflation rate increases to 13.22% in August – NBS

    The National Bureau of Statistics (NBS), has said that inflation rate has increased by 13.22 per cent (year-on-year) in August compared to the 12.82 per cent rate recorded in July.

    The NBS made this known in its Consumer Price Index (CPI), August 2020, published on its website.

    The NBS explained that the increase recorded was 0.40 per cent points higher, according to the consumer price index which measured inflation.
    According
    to NBS, increases were recorded in all Classification of Individual Consumption According to Purpose (COICOP), divisions that yielded the Headline index.

    “On a month-on-month basis, the Headline index increased by 1.34 per cent in August 2020. This is 0.09 per cent higher than the rate recorded in July 2020 (1.25 per cent).

    “The percentage change in the average composite CPI for the 12 months period ending August 2020 over the average of the CPI for the previous twelve months period was 12.23 per cent, representing a 0.18 per cent point rise from 12.05 per cent recorded in July 2020.”
    The report stated that the urban inflation rate increased by 13.83 per cent (year-on-year) in August from 13.40 per cent recorded in July.

    Meanwhile, the rural inflation rate increased by 12.65 per cent in August from 12.28 per cent in July.
    On a month-on-month basis, the urban index rose by 1.42 per cent in August, up by 0.15 from 1.27 per cent recorded in July.

    The rural index also rose by 1.27 per cent in August, up by 0.04 from the rate recorded in July 2020 (1.23 per cent).
    “The corresponding 12-month year-on-year average percentage change for the urban index was 12.85 per cent in August.

    “This is higher than 12.66 per cent reported in July, while the corresponding rural inflation rate in August was 11.66 per cent compared to 11.49 per cent recorded in July,” the report stated.

    Also, the composite food index rose by 16.00 per cent in August compared to 15.48 per cent in July.

    The rise, according to NBS, is caused by increases in prices of bread and cereals, potatoes, yam and other tubers, meat, fish, fruits, oils and fats and vegetables.

    On month-on-month basis, the food sub-index increased by 1.67 per cent in August, up by 0.15 per cent points from 1.52 per cent recorded in July.
    Furthermore, the average annual rate of change of the Food sub-index for the 12-month period ending August over the previous 12-month average was 14.87 per cent.

    This represented a 0.24 per cent points increase from the average annual rate of change recorded in July (14.63 per cent).

    The ”All items less farm produce” (or core inflation), which excludes the prices of volatile agricultural produce, stood at 10.52 per cent in August.

    The rate recorded an increase of 0.42 per cent compared with 10.10 per cent recorded in July.

    On month-on-month basis, the core sub-index increased by 1.05 per cent in August.

    The increase was up by 0.30 per cent when compared with 0.75 per cent recorded in July.

    The highest increases were recorded in prices of passenger transport by air, hospital services, medical services, pharmaceutical products, maintenance and repair of personal transport equipment.

    Others are vehicle spare parts, motor cars, passenger transport by road, miscellaneous services relating to the dwelling, repair of furniture and paramedical services.
    The average 12-month annual rate of change of the index was 9.64 per cent for the period ending August.
    This represented 0.16 per cent points higher than 9.48 per cent recorded in July.
    All items index on year-on-year basis was highest in Kogi recording 17.29 per cent, Bauchi with 15.77 per cent, and Ebonyi and Yobe with 14.71 per cent each.
    Meanwhile, recording the slowest rise in headline year-on-year inflation were Lagos (11.45 per cent), Kwara (11.22 per cent) and Abuja (11.17 per cent).
    On month-on-month basis, however, all items inflation was highest in Ondo (2.20 per cent), Ogun (2.07 per cent) and Abia (1.87 per cent).
    Meanwhile, while Plateau (0.72 per cent), Zamfara (0.60 per cent) and Sokoto (0.54 per cent) recorded the slowest rise in headline month-on-month inflation.

  • JUST IN: Nigeria’s inflation increases by 12.82 per cent

    JUST IN: Nigeria’s inflation increases by 12.82 per cent

    The National Bureau of Statistics (NBS) has said that inflation rose by 12.82 per cent in July, 2020.

    According to the Bureau in its “Consumer Price Index (CPI) and Inflation Report July 2020,” the increase is 0.26 percent points higher than the rate recorded in June 2020 (12.56) percent.

    NBS said in the period under review, increases were recorded in all Classification of Individual Consumption by Purpose (COICOP) divisions that yielded the headline index.

    The report said on month-on-month basis, the headline index increased by 1.25 percent in July 2020.

    This, said the NBS, is 0.04 percent rate higher than the rate recorded in June 2020 (1.21) percent.

    The corresponding twelve-month year-on-year average percentage change for the urban index was 12.66 percent in July 2020, it said.

    The report said this is higher than 12.50 percent reported in June 2020, while the corresponding rural inflation rate in July 2020 is 11.49 percent compared to 11.36 percent recorded in June 2020.

    The Bureau said the urban inflation rate increased by 13.40 percent (year-on-year) in July 2020 from 13.18 percent recorded in June 2020, while the rural inflation rate increased by 12.28 percent in July 2020 from 11.99 percent in June 2020.

    On a month-on-month basis, the report said, the urban index rose by 1.27 percent in July 2020, up by 0.04 from 1.23 percent recorded in June 2020, while the rural index also rose by 1.23 percent in July 2020, up by 0.04 from the rate recorded in June 2020 (1.19) percent.

    The report added that “On month-on-month basis, the Headline index increased by 1.25 percent in July 2020. This is 0.04 percent rate higher than the rate recorded in June 2020 (1.21) percent.

    “Increases were recorded in all COICOP divisions that yielded the Headline index. The consumer price index, (CPI) which measures inflation increased by 12.82 percent (year-on-year) in July 2020. This is 0.26 percent points higher than the rate recorded in June 2020 (12.56) percent.

    “The percentage change in the average composite CPI for the twelve months period ending July 2020 over the average of the CPI for the previous twelve months period was 12.05 percent, representing a 0.15 percent point increase from 11.90 percent recorded in June 2020.”

  • Nigeria’s inflation rate rises to 12.56% in June, as food prices soar

    Nigeria’s inflation rate rises to 12.56% in June, as food prices soar

    The composite food index stood at 15.18%, 0.14% points higher compared to 15.04% recorded in May 2020. Also, On month-on-month basis, the food sub-index increased by 1.48% in June 2020, up by 0.06% points from 1.42% recorded in May 2020.

    The Nigerian Bureau of Statistics (NBS), in it’s latest Consumers Price Index (CPI) has disclosed.

    This rise in the food index was caused by increases in prices of Bread and Cereals, Potatoes, Yam and other tubers, Fruits, Oils and Fats, Meat, Fish and Vegetables.

    The ”All items less farm produce” or Core inflation, which excludes the prices of volatile agricultural
    produce stood at 10.13% in June 2020, up by 0.01% when compared with 10.12% recorded in May 2020.
    On month-on-month basis, the core sub-index increased by 0.86% in June 2020. This was down by 0.02% when compared with 0.88% increase recorded in May 2020.

    The highest increases were recorded in prices of Medical services, Hospital services, Passenger transport by road, Pharmaceutical products, Motor cars, Paramedical Services, Maintenance and repair of personal transport equipment, Bicycles, Motor cycles, Vehicle spare parts and Other services in respect of personal transport equipment.

    In June 2020, all items inflation on year on year basis was highest in Bauchi (15.02%) followed by Sokoto state (14.88% rate), Ebonyi (14.6%) others include Plateau (14.49%) and Taraba state (13.95%).

  • Nigeria’s inflation rises to 12.4%

    Nigeria’s inflation rises to 12.4%

    Nigeria’s headline inflation rose by 0.06 percent to 12.40 percent year-on-year in May 2020 for the 25th consecutive month.

    According to a report released on Wednesday morning by the National Bureau of Statistics (NBS), the inflation increased to its present level from 12.34 percent recorded in April 2020.

    On a monthly basis, inflation went up 0.15 percent from 1.02 percent in April to 1.17 percent in May.

    This was spurred by increase in food items like oil and fats, fish, potatoes, yam, and other tubers, vegetables, bread and cereals, and fruits during the month.

    According to the Consumer Price Index (CPI)/Inflation Report for May 2020, the statistical body showed that food inflation rose marginally by 0.01 percent to stand at 15.04 percent in May from 15.03 percent in the preceding month.

    The Food Sub-Index rose to 1.42 percent in the month of May compared to 1.18 percent in April.

    Core inflation also rose 0.04 percent in the month under review from 9.98 percent in April to 10.12 percent in May 2020.

    While month-on-month, it dropped to 0.88 percent from 0.93 percent in April 2020.

    In the month the federal government directed an ease in the lockdown earlier put in place to contain the spread of COVID-19 pandemic, the NBS noted that highest increases were recorded in passenger waterways transport, motor cycles, passenger road transport, hairdressing salons/personal grooming establishment, paramedical services/hospital services, pharmaceutical products, personal transport equipment, medical service, repair of furniture among others.

    The agency also disclosed in its report today that urban inflation index rose by 0.02 percent year-on-year to 13.03 percent in May from 13.01 percent in April, while rural inflation rose to 11.83 percent in the month from 11.73 percent in the preceding month.

    Rural/Urban month-on-month figures showed that urban rose to 1.18 percent from 1.06 percent, while the rural inflation rose to 1.16 percent from 0.98 percent.