Nigeria’s Inflation Rate Rises Again – NBS
Written by darling on October 17, 2018
Nigeria’s inflation rate has again risen for the second time in a row.
Data from the National Bureau of Statistic (NBS)on Tuesday showed a slim margin of 0.05 per cent to 11.28 per cent in September, compared to 11.23 per cent recorded in August.
According to the NBS, the composite food index rose to 13.31 per cent year-on-year in September, driven by an increase in the price of poultry product, vegetables and other important food items.
Similarly, the country’s urban inflation rate increased to 11.70 per cent year-on-year, while the rural inflation rate increased to 10.92 per cent last month.
On a month-on-month basis, the headline index dropped by 0.21 per cent to 0.84 per cent in September, the food sub-index fell by 0.42 per cent points to 1.00 per cent, while the urban index and rural index both fell by 0.14 to 1 per cent and 0.82 per cent each.
This rise in the food index was caused by increases in prices of Potatoes, yams and other tubers, vegetables, fruits, meat, milk, cheese and egg, Bread and cereals, and Fish.
On a month-on-month basis, the food sub-index increased by 1.00 per cent in September 2018, down by 0.42 per cent points from 1.42 per cent recorded in August.
The average annual rate of change of the Food sub-index for the twelve-month period ending September 2018 over the previous twelve-month average was 15.92 per cent, 0.58 per cent points from the average annual rate of change recorded in August (16.50)