By Audrey Lotechukwu
MON, 16 NOV, 2020-theGBJournal– According to data published today by the National Bureau of Statistics (NBS), Nigeria’s consumer price index, (CPI) as expected jumped again by 52bps to 14.23 percent year-on-year in October 2020 (September: 13.71% y/y), the highest level since February 2018.
Month-on-Month, headline inflation also increased by 6bps to 1.54%, the highest level since June 2017.
Food inflation rose by 72bps to 17.38% y/y in the period under review. The highest price increases were recorded in bread and cereals, potatoes, yam and other tubers, meat, fish, fruits, vegetables, alcoholic and food beverages, and oils and fats.
From a month ago, food inflation expanded by 1.96%, relative to the 1.88% recorded in the previous month.
Core inflation was also up by 56bps to 11.14% y/y. Pressures were most significant in the prices of Passenger transport by air, Hospital and Medical services, Passenger transport by road, Pharmaceutical products, Motor cars, Vehicle spare parts, Maintenance and repair of personal transport equipment, Hairdressing salons and personal grooming establishments, Miscellaneous services relating to the dwelling, Paramedical services and shoes and other footwear.
Similarly, on a month-on-month basis, the core index was up by 31bps to 1.25%, relative to the 0.94% recorded in the previous month.
The urban inflation rate increased by 14.81 percent (year-on-year) in October 2020 from 14.31 percent recorded in September 2020, while the rural inflation rate increased by 13.68 percent in October 2020 from 13.14 percent in September 2020.
On a month-on-month basis, the urban index rose by 1.60 percent in October 2020, up by 0.04 from 1.56 percent recorded in September 2020, while the rural index also rose by 1.48 percent in October 2020, up by 0.08 from the rate recorded in September 2020 (1.40 percent).
The NBS data shows corresponding twelve-month year-on-year average percentage change for the urban index at 13.29 percent in October 2020, higher than 13.07 percent reported in September 2020, while the corresponding rural inflation rate in October 2020 is 12.09 percent compared to 11.86 percent recorded in September 2020.
All items inflation was prevalent in Zamfara (17.69%), Sokoto (16.99%) and Ebonyi (16.91%), while Lagos (11.96%), Abuja (11.84%) and Cross River (10.50%) recorded the slowest rise in headline Year on Year inflation.
On month on month basis however, October 2020 all items inflation was highest in Sokoto (2.91%), Edo (2.53%) and Akwa Ibom (2.52%), while Oyo (0.69%), Taraba (0.60%) and Jigawa (0.37%) recorded the slowest rise in headline month on month inflation.
Food inflation in October on a year-on-year basis was highest in Edo (21.65%), Zamfara (20.88%) and Kogi (20.58%), while Lagos (14.57%), Ogun (14.47%) and ondo (14.23%) recorded the slowest rise.
On month on month basis however, October 2020 food inflation was highest in Kwara (3.88%), Edo (3.81%) and Sokoto (3.65%), while Oyo (0.57%) and Jigawa (0.54%) and Taraba (0.29%) recorded the slowest rise on month on month inflation.
Twitter-@theGBJournal|email: info@govandbusinessjournal.com.ng
