Unic Press UK: The rate of inflation in Nigeria peaked at 17.9 percent in September 2016, the National Bureau of Statistics (NBS) has said.
In August 2016 and in July 2016, the rates were 17.6% and 17.1% in respective terms.
A part of the NBS price statistics No. 558 September 2016 reads:
“In September, the Consumer Price Index (CPI) which measures inflation increased by 17.9 percent (year-on-year), 0.24 percentage points higher than the rate recorded in August 2016 (17.6 percent). Increases were recorded all COICOP divisions which contribute to the Headline Index. Communication and Restaurants and Hotels recorded the lowest rates of increase of the 12 divisions, growing by 5.6 percent and 9.6 percent respectively.
“The Food Sub Index increased by 16.6 percent (year-on-year) in September, up by 0.19 percent points from rate recorded in August (16.4 percent). A number of groups within the food index recorded falls in the rate of price increases, including Fish, which had previously been a key driver, as well as Oils and Fats, and Fruits.
“Price movements recorded by the All Items less farm produce or Core sub-index increased by 17.7 percent (year-on-year) in September, up by 0.5 percent points from rates recorded in August (17.2 percent). During the month, the highest increases were seen in Clothing materials, other articles of clothing and clothing accessories, Garments, Shoes and other footwear, Books and stationeries, Jewelry, clocks and watches, and Motorcycles.
“Energy and energy related prices continue to be the largest increases reflected in the Core sub-index. In September, the Core sub-index increased by 17.7% during the month, up by 0.5% points from rates recorded in August (17.2%). During the month, the highest increases were seen in the Electricity, Liquid Fuel (kerosene), Solid Fuels, and Fuels and Lubricants for Personal Transport Equipment groups.
“On a month-on-month basis, the Headline index eased, increasing by 0.8 percent in September, down from 1.0 percent in August. The Urban Index rose by 19.5 percent (year-on-year) in September from 19.3 percent recorded in August and the Rural Index increased by 16.4 percent in September from 16.1 percent in August. On a month on month basis, both the Urban and Rural Index eased, increasing by 0.8 percent a piece.”
