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  • NBS: Inflation gallops to 9.4%
 

NBS: Inflation gallops to 9.4%

NBS: Inflation gallops to 9.4%

by magna / Thursday, 15 October 2015 / Published in Capital Market News

naira

From Isaac Anumihe, Abuja

NIGERIA’S inflationary trend, which began early this year, has continued to rise unabated, hitting 9.4 per cent in September from a 9.3 per cent figure recorded in Au­gust.

A report released by the National Bureau of Statistics (NBS) attributed the rise to high food and non-food divi­sions – alcoholic beverage, tobacco and kola; clothing and footwear and housing, water, electricity, gas and other fuels divisions.

The report also listed the muslim holiday period as a likely reason for higher food prices, adding that the food sub-index as a whole record­ed a marginal rise, increasing by 10.2 per cent (year-on-year) in September from 10.1 per cent in August. Prices rose in major categories such as bread and cereals, meats, fish, oils and fats groups. “The fruit, vegetables, and potatoes, yams and other tu­bers groups have, however, held constant or grown at a slower pace for three con­secutive months, ultimately weighing on the index,” NBS said.

It also said that the ad­vances recorded by the all items less farm produce or core sub-index increased at a marginally slower pace in September, relative to Au­gust, explaining that the core sub-index increased by 8.9 per cent in September from 9 per cent in August.

“The core sub-index was weighted upon by slower increases in multiple groups and or divisions in particular; garments, fuels and lubricants for personal transport equip­ment, hotel accommodation services, and other services in the communication and miscellaneous goods and ser­vices divisions,” NBS said.

It noted that the head­line index is made up of the core index and farm produce items. As processed foods are included in both the core and food sub-indices, this implies that these sub-indices are not mutually exclusive.

The report further said that on a month-to-month basis, the pace of increases of the headline index has held con­stant for the second consecu­tive month at 0.6 per cent, the lowest pace recorded this year. Non-food divisions, which weighted on the index, include housing, water, elec­tricity, gas and other fuels; communication, education and miscellaneous goods and services.

“In September, the urban index edged higher, increas­ing by 9.5 per cent (year-on-year), up by 0.3 per cent points from 9.2 per cent in August. On the other hand, the rural index increased by 9.3 per cent in September from 9.4 per cent in August. On a month-on-month basis, the urban index edged higher from 0.6 per cent in August to 0.7 per cent in Septem­ber, while the rural index in­creased at a slower pace for the fourth consecutive month, increasing by 0.5 per cent in September from 0.6 per cent in August.

“The percentage change in the average composite CPI for the 12-month period end­ing in September over the av­erage of the CPI for the previ­ous 12-month period was 8.7 per cent, marginally higher from the 8.6 per cent rate re­corded in August.

The corresponding 12-month year-on-year aver­age percentage change for the urban index increased marginally from 8.6 per cent to 8.7 per cent, while the cor­responding rural index also edged higher to 8.6 per cent in September from 8.5 per cent in August,” the report noted.

Source : SunOnline

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