According to a report by the Nigerian Bureau
of Statistics, the inflation rate has risen to 17.9% for the month of September
2016. the Consumer Price Index, which measures inflation across the country,
increased by 17.9 per cent year-on-year, up from the 17.6 per cent recorded the
previous month.
“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. Communication and
restaurants and hotels recorded the lowest rates of increase of the 12
divisions, growing by 5.6 per cent and 9.6 per cent, respectively,” the NBS
stated.
The bureau noted that the food sub index
increased by 16.6 per cent year-on-year in September, up by 0.19 per cent
points from rate recorded in August (16.4 per cent).
It stated that 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.
The NBS said price movements recorded by
the all items less farm produce or core sub-index increased by 17.7 per cent
year-on-year in September, up by 0.5 per cent points from rates recorded in
August (17.2 per cent).
“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,
jewellery, clocks and watches, and motorcycles,” it added.
The bureau further noted that the
percentage change in the average composite CPI for the 12-month period ending
in September 2016 over the average of the CPI for the previous 12-month period was
13.5 per cent, higher from 12.7 per cent recorded in August.
“The corresponding 12-month year-on-year
average percentage change for the urban index increased from 13.6 per cent in
August to 14.4 per cent in September, while the corresponding rural index also
increased from 12 per cent in August to 12.6 per cent in September,” the NBS
added.
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