Nigeria's year-on-year inflation rose by 0.22 percent to 11.24 percent in the month of September compared with 11.02 percent in the previous month, the National Bureau of Statistics (NBS) said on Tuesday.
Food inflation was up to 13.51 percent in Sept, compared with 13.17 percent in Aug, while core inflation rose to 8.94 percent in Aug against 8.68 percent in Aug, the government agency responsible for collating economic data said.
The Consumer Price Index (CPI) is measured the average change over time in prices of goods and services consumed by people for day-to-day living.
"The increases were recorded in all COICOP divisions that yielded the Headline index. On a month-on-month basis, the Headline index increased by 1.04 percent in September 2019, this is 0.05 percent rate higher than the rate recorded in August 2019 (0.99) percent," NBS said in its latest release.
"The increases were recorded in all COICOP divisions that yielded the Headline index. On a month-on-month basis, the Headline index increased by 1.04 percent in September 2019, this is 0.05 percent rate higher than the rate recorded in August 2019 (0.99) percent," NBS said in its latest release.
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 11.27 percent, showing 0.003 percent point from 11.271 percent recorded in August 2019, NBS said.
The urban inflation rate increased by 11.78 percent (year-on-year) in September 2019 from 11.48 percent recorded in August 2019, while the rural inflation rate increased by 10.77 percent in September 2019 from 10.61 percent in August 2019.
On a month-on-month basis, the urban index rose by 1.13 percent in September 2019, up by 0.09 from 1.04 percent recorded in August 2019, while the rural index also rose by 0.96 percent in September 2019, up by 0.03 from the rate recorded in August 2019 (0.93) percent.
The International Monetary Fund (IMF) said last week that the planned introduction of a sales tax to partly finance the government’s record 2020 budget and a new minimum wage could help drive up inflation.Tuesday’s data showed food price inflation, the main driver of overall inflation rose to 13.51 percent in September from 13.17 percent a month earlier.
In August, the government partially closed its western border with Benin to curb rice smuggling which it says is threatening attempts to boost domestic production.
The government wants Nigeria to be self-sufficient in rice and has imposed import controls but these have kept prices high and led to smuggling from Benin into Nigeria.
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