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Nigeria’s Inflation Rises to 13.71%3 minutes read

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The National Bureau of Statistics (NBS), in its Consumer Price Index (CPI) for September, says inflation rate in September rose by 0.49 per cent to 13.71 per cent from 13.22 per cent recorded in August.

NBS released the Consumer Price Index (CPI) for September on Thursday in Abuja.

It said the increase in the inflation in September was on a year-on-year basis.

It said that increases were recorded in all Classification of Individual Consumption by Purpose (COICOP) divisions that yielded the Headline Index.

It said on a month-on-month basis, the headline index increased by 1.48 per cent in September, showing 0.14 per cent rate higher than the rate recorded in August of 1.34 per cent.

“The percentage change in the average composite CPI for the 12 months’ period ending September over the average of the CPI for the previous 12 months period was 12.44 per cent.

“Showing 0.21 per cent point from 12.23 per cent recorded in August.”

The NBS said that urban inflation rate increased by 14.31 per cent (year-on-year) in the month under review from 13.83 per cent recorded in August.

“While the rural inflation rate increased by 13.14 per cent in September from 12.65 per cent in August.

It added that on a month-on-month basis, the urban index rose by 1.56 per cent in September, up by 0.14 per cent from 1.42 per cent recorded in August.

The rural index also rose by 1.40 per cent in September, up by 0.13 from the rate recorded in the previous month 1.27 per cent.

“The corresponding 12-month year-on-year average percentage change for the urban index is 13.07 per cent in September.

“This is higher than 12.85 per cent reported in August, while the corresponding rural inflation rate in September is 11.86 per cent compared to 11.66 per cent recorded in August.

The NBS also said that composite food index rose by 16.66 per cent in September compared to 16.00 per cent in August.

It said that the rise in the food index was caused by increases in prices of bread and cereals, potatoes, yam and other tubers, meat, fish, fruits and oils and fats.

It said that on month-on-month basis, the food sub-index increased by 1.88 per cent in September, up by 0.21 per cent points from 1.67 per cent recorded in August.

“The ”All items less farm produce” or Core inflation, which excludes the prices of volatile agricultural produce stood at 10.58 per cent in September, up by 0.06 per cent when compared with 10.52 per cent recorded in August.

NBS said that on month-on-month basis, the core sub-index increased by 0.94 per cent in September. This was down by 0.11 per cent when compared with 1.05 per cent recorded in August.”

It said the highest increases were recorded in prices of passenger transport by air, medical services, hospital services, pharmaceutical products and passenger transport by road.

Others are motor cars, vehicle spare parts, maintenance and repair of personal transport equipment, repair of furniture and paramedical services.

For state profiles, the report said that all items inflation on year –on-year basis was highest in Bauchi at 17.85 per cent, Zamfara followed with 17.42 per cent and Kogi with 16.66 per cent, while Lagos which stood at 11.19 per cent, Abuja 10.59 per cent and Kwara 10.53 per cent recorded the slowest rise in headline Year on Year inflation.

On a month-on-month basis however all items inflation was highest in Bauchi at 3.36 per cent, Kogi at 2.63 per cent and Zamfara 2.75 per cent.

While Nasarawa, which stood at 0.66 per cent, Abuja 0.64 per cent and Ondo with 0.31 per cent recorded the slowest rise in headline month-on-month inflation.

For food inflation, the NBS said that on a year-on-year basis, it was highest in Zamfara at 20.94 per cent, Kogi 19.06 per cent and Plateau/Yobe 18.90 per cent.

Nasarawa stood at 13.94 per cent, Lagos 13.87 per cent and Ondo 13.59 per cent recorded the slowest rise.

On month-on-month basis, however, food inflation was highest in Zamfara at 3.65 per cent, Anambra 3.19 per cent and Kaduna 3.15 per cent.

Nasarawa is put at 0.51 per cent and Abuja at 0.15 per cent recorded the slowest rise.

“However, Ondo recorded price deflation or negative inflation (general decrease in the general price level of food or a negative food inflation rate).”

The CPI measures the average change over time in prices of goods and services consumed by people for day-to-day living.

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Food Prices In Nigeria Went Up In September – Nigeria Bureau of Statistics

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Food prices in Nigeria increased in September according to data from the National Bureau of Statistics (NBS).

NBS made the assertion in a report titled ‘Selected food price watch data’ for the month of September 2020.

The report said the average price of one dozen of eggs medium size increased year-on-year by 5.245% and month-on-month by 0.37% to N480.76 in September 2020 from N478.97 in August 2020.

It stated that the average price of eggs medium size (price of one) increased year-on-year by 3.87 % and month-on-month by 0.28 % to N42.90 in September from N42.78 in August.

The average price of 1kg of rice (imported high quality sold loose) increased year-on-year by 39.07% and month-on-month by 2.87% to N516.13 in September 2020 from N501.71 in August.

Meanwhile, the average price of 1kg of tomato increased year-on-year by 26.12% and decreased month-on-month by -1.01% to N286.92 in September from N289.86 in August.

Similarly, it added, the average price of 1kg of yam tuber increased year-on-year by 29.11% and decreased month on month by -4.08% to N245.62 in September 2020 from N256.06 in August 2020.

Incidentally, as the 24hour curfew across many states in Nigeria last, after the resent spat of violent attacks in some cities it has impacted on current prices. And cause more increase. Now, a piece of egg now sells for N70 to N100 each.

The prices of other food items have increased and could further spiked if movement restrictions are not relaxed very soon.

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Tunisia Exports 3,000 Tonnes Of Fruit To Libya In 20 Days

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Tunisa exported no fewer than 3,000 tonnes of fruit to Libya in the first 20 days of October, local media reported.

The exports were through the three commercial Sfax, Sousse and Bizerte maritime lines.

The head of the Sales Department of the Inter-Professional Fruit Group (GIFruits), Tarek Tira, said the fruit export process, mainly for pomegranates, resumed its regular pace despite the closure of the road linking Tunisia with the Libyan land border since last September.

He said a cargo-carrying more than 1200 tonnes of fruit, including 700 tonnes of pomegranates, left Sfax port on Thursday to Tripoli.

Adding that another ship carrying nearly 350 tonnes of fruit will also sail for Libya from the same port.

Tira pointed out that the Libyan market is the first in Tunisia in terms of fruit marketing (more than 30%).

Since September, the export of Tunisian agricultural products, essentially fruits, has been experiencing a blockage, following the closure of the border road at Ben Guerdane by demonstrators. This has hindered the passage of Tunisian and Libyan trucks in both directions.

Vice-president of the board of directors of GIFruits Ibrahim Trabelsi expressed regret, considering the importance of the Libyan market. “It absorbs between 30 and 50% of agricultural products,” he said, adding the current situation could collapse the Tunisian fruit industry.

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UACN Tops Gainers’ Table As Nigeria’s Bourse Rebounds By N59M

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The Nigeria Stock Exchange (NSE), on Thursday, rebounded with a growth of N59 billion in spite of social unrest and curfew in major cities of the country.

Specifically, the market capitalisation which opened at N14.870 trillion rose by N59 billion or 0.40 per cent to close at N14.929 trillion.

Also, the All-Share Index increased by 114.38 points or 0.40 per cent to close at 28,563.87 compared with 28,449.49 achieved on Wednesday.

The upturn was impacted by gains recorded in large and medium capitalised stocks, amongst which are; MTN Nigeria Communications, Stanbic IBTC Holdings, UACN, Lafarge Africa and Dangote Sugar Refinery.

Market sentiment measured by the market breadth was positive with 21 stocks gainers against 12 losers.

UACN drove the gainers’ table in percentage table, growing by 8.33 per cent to close at N7.15 per share.

Union Diagnostic followed with eight per cent to close at 27k, while FCMB Group rose by 7.96 per cent to close at N2.44 per share.

United Capital increased by 6.44 per cent to close at N3.80, while Neimeth appreciated by 5.26 per cent to close at N1.80 per share.

Conversely, Wapic Insurance led the losers’ chart in percentage terms dropping by 9.09 per cent to close at 40k per share.

UACN Property Development trailed with 3.66 per cent to close at 79k, while GlaxoSmithKline shed 3.57 per cent to close at N5.40 per share.

International Breweries dipped 2.95 per cent to close at N6.25, while Fidelity Bank depreciated by 2.50 per cent to close at N1.95 per share.

However, the total volume traded decreased by 4.67 per cent with an exchange of 311.33 million shares worth N4.69 billion traded in 3,375 deals.

This was in contrast with a total of 326.58 million shares valued at N4.22 billion transacted in 4,367 deals on Wednesday.

Transactions in the shares of Guaranty Trust Bank topped the activity chart with 77.84 million shares worth N2.34 billion.

Access Bank followed with 57.66 million shares valued at N442.78 million, while Zenith Bank traded 39.58 million shares worth N813.77 million.

FBN Holdings sold 21.75 million shares valued at N131.58 million, while United Bank for Africa transacted 18.16 million shares worth N122.81 million

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