The consumer price index, CPI, which measures inflation, has increased by 11.24 percent year-on-year in September 2019 with increases recorded in all the Classification of Individual Consumption According to Purpose divisions yielding the Headline index.
September’s PMI is 0.22 percent points higher than the rate recorded in August 2019, which stood at 11.02 percent, while on month-on-month basis, the Headline index increased by 1.04 percent in September 2019, this is 0.05 percent rate higher than the 0.99 percent rate recorded in August 2019.The percentage change in the average composite CPI for the twelve months period
ending September 2019 over the average of the CPI for the previous twelve months period was 11.268 percent, showing 0.003 percent point from 11.271 percent recorded in August 2019.
Core inflation widened by 8.94% year on year compared to 8.68 in August, making it the highest since May 2019, also on a month-on-month basis, the core index increased by 0.89%, relative to the 0.67% recorded in the previous month.
Food inflation rose by 13.51% year on year in the review period, a faster increase relative to 13.17% year on year recorded in August.
On a month-on-month basis, food inflation increased by 1.30%, relative to the 1.22% recorded in the previous month.
This rise in the food index was caused by increases in prices of Bread and cereals, Oils and fats, Meat, Potatoes, Yam and other tubers, Fish and Vegetables.
The average annual rate of change of the Food sub-index for the twelve-month period ending September 2019 over the previous twelve-month average was 13.47 percent, 0.01 percent points from the average annual rate of change recorded in August 2019 (13.46) percent.
In September 2019, all items inflation on year on year basis was highest in Kebbi (14.09%), Bauchi (13.74%) and Plateau (13.25%), while Delta (9.72%), Bayelsa (9.40%) and Kwara (8.46%) recorded the slowest rise in headline Year on Year inflation.
On month on month basis however, September 2019 all items inflation was highest in Kogi (3.18%),Ondo (2.17%) and Kwara (2.02%), while Kano (0.45%), River (0.41%) and Zamfara (0.33%) recorded the slowest rise.
Accordingly, the weight assigned to a particular food or non-food item may differ from state to state making interstate comparisons of consumption basket inadvisable and potentially misleading.
In September 2019, food inflation on a year on year basis was highest in Niger (16.65%), Nasarawa (16.57%) and Abuja (16.31%), while Akwa Ibom (11.72%), Benue (11.22%) and Bayelsa (9.95%) recorded the slowest rise.
On month on month basis however, September 2019 food inflation was highest in Kogi (4.90%), Delta (3.82%) and Kwara (3.70%), while Kano (0.18%) and Zamfara (0.17%) recorded the slowest rise with River recording price deflation or negative inflation (general decrease in the general price level of food or a negative food inflation rate).
The corresponding twelve-month year-on-year average percentage change for the urban index is 11.63 percent in September 2019, higher than 11.62 percent reported in August 2019, while the corresponding rural inflation rate in September 2019 is 10.94 percent compared to 10.95 percent recorded in August 2019.