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Nigeria Economy | |
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Tuesday, October 16, 2018 / 08:30 AM / NBS
All Item Index
The consumer price index, (CPI) which measures inflation increased by 11.28 percent (year-on-year) in September 2018. This is 0.05 percent points higher than the rate recorded in August 2018 (11.23) percent.
Increases were recorded in all COICOP divisions that yielded the Headline index.On month-on-month basis, the Headline index increased by 0.84 percent in September 2018, down by 0.21 percent points from the rate recorded in August 2018 (1.05) percent.
The percentage change in the average composite CPI for the twelve months period ending September 2018 over the average of the CPI for the previous twelve months period was 13.16 percent, showing 0.39 percent point from 13.55 percent recorded in August 2018.The urban inflation rate increased by 11.70 percent (year-on-year) in September 2018 from 11.67 percent recorded in August 2018, while the rural inflation rate increased by 10.92 percent in September 2018 from 10.84 percent in August 2018.
On a month-on-month basis, the urban index rose by 0.86 percent in September 2018, down by 0.14 from 1.00 percent recorded in August, while the rural index also rose by 0.82 percent in September 2018, down by 0.14 percent from the rate recorded in August 2018 (0.96) percent.
The corresponding twelve-month year-on-year average percentage change for the urban index is 13.58 percent in September 2018. This is less than 13.95 percent reported in August 2018, while the corresponding rural inflation rate in September 2018 is 12.80 percent compared to 13.21 percent recorded in August 2018.
Food Index
The composite food index rose by 13.31percent in September2018 compared to 13.16 percent in August 2018. This rise in the food index was caused by increases in prices of Potatoes, yams and other tubers, vegetables, fruits, meat, milk, cheese and egg, Bread and cereals, and Fish.
On month-on-month basis, the food sub-index increased by 1.00 percent in September 2018, down by 0.42 percent points from 1.42 percent recorded in August.
The average annual rate of change of the Food sub-index for the twelve-month period ending September 2018 over the previous twelve-month average was 15.92 percent, 0.58 percent points from the average annual rate of change recorded in August (16.50) percent.
All Items Less Farm Produce
The ‘’All items less farm produce’’ or Core inflation, which excludes the prices of volatile agricultural produce stood at 9.8 percent in September2018, down by 0.2 percent from the rate recorded in August 2018 (10.0) percent.
On month-on-month basis, the core sub-index increased by 0.64 percent in September 2018. This was down by 0.14 percent when compared with 0.78 percent recorded in August 2018.
The highest increases were recorded in prices of, Fuels and lubricants for personal transport, Vehicle Spare parts, Dental services, Tobacco, carpets and other floor coverings, furniture and furnishing, Hospital services.
The average 12-month annual rate of change of the index was 11.09 percent for the twelve-month period ending September 2018; this is 0.19 percent points lower than 11.28 percent recorded in August.
State Profiles
In analysing price movements under this section, note that the CPI is weighted by consumption expenditure patterns which differ across states. Accordingly, the weight assigned to a particular food or non-food item may differ from state to state making interstate comparisons of consumption basket inadvisable and potentially misleading.
All Items Inflation
In September 2018, all items inflation on year on year basis was highest in Kaduna (12.93%), Ebonyi (12.86%) and Bayelsa (12.83%), while Cross River (8.42%), Plateau (8.77%) and Ogun (9.22%) recorded the slowest rise in headline Year on Year inflation.
On month on month basis however, September 2018 all items inflation was highest in Kebbi (1.91%), Kwara (1.89), and Taraba (1.47%), while Cross River, Nasarawa and Plateau all recorded negative inflation or price deflation (general decrease in the general price level of goods and services or a negative inflation rate) in September 2018.
Food Inflation
In September 2018, food inflation on a year on year basis was highest in Kwara (17.17%), Bayelsa (16.62%) and Abuja (15.70%), while Plateau (8.82%), Abia (10.10%) and Ogun (11.11%) recorded the slowest rise in food inflation.
On month on month basis however, September 2018 food inflation was highest in Kwara (3.39%), Adamawa (2.59%) and Kebbi (2.23%), while Katsina, Kogi, Nasarawa, Niger and Plateau all recorded food price deflation or negative inflation (general decrease in the general price level of goods and services or a negative inflation rate) in September 2018.
Click Here to Download September 2018 CPI PDF Report
Latest 2018 NBS Reports
Q4 2018
1. Average Prices of PMS, AGO, HHK and Cooking Gas – September 2018
2. NBS Publishes 2016 Human Development Indices for UNDP Nigeria Human Development Report
Q3 2018
1. 730,289 Passengers Travelled via Rail in Q2 2018 - NBS
2. All Region Terms of Trade Index Rose by 9% Driven by Mineral Products - NBS
3. FAAC Disburses N714.81bn in August 2018 - NBS
4. Lagos State Accounts for 34.17% of Foreign Debt As At June 2018 - NBS
5. Average Price of 1kg of Rice Decreased by 2.43% MoM to N375.02 in August 2018 - NBS
6. Average Fare Paid by Commuters For Bus Journey Within City Increased by 9.80% MoM in Aug 2018 - NBS
7. Headline Inflation Increased by 11.23% in August 2018; 0.09 Higher Than July 2018 Rate
8. Average Prices of PMS, AGO, HHK and Cooking Gas – August 2018
9. Active Voice Subscribers Increased by 0.09% in Q2 2018 - NBS
10. 7.50m Passengers Passed Through Nigerian Airports in H1 2018
11. Merchandise Trade Declines in Q2 2018: -8.89% Contraction from Q1 2018 Trade Figure
12. Average of 81,561MWh of Energy Generated Daily in Q2 2018 - NBS
13. 8.13m Workers Are Registered Under The Pension Scheme As At Q2 2018 - NBS
14. 2608 Road Traffic Crashes Occurred in Q2 2018 - NBS
15. Nigeria’s GDP Grew by 1.50% YoY in Real Terms in Q2 2018
16. 165.71mln Litres of Liquefied Petroleum Gas Imported into Nigeria in Q2 2018
17. Total Value of Capital Importation into Nigeria Stood at $5,513.55m in Q2 2018 - NBS
18. Banking Sector Records 509.67m Volume of Transactions in Q2 2018 - NBS
19. Average Fare Paid by Commuters for Bus Journey Intercity Increased by 0.30% MoM to N1,733.33 in July
20. Average Price of 1kg of Yam Tuber Decreased by 1.75% MoM to N280.83 in July 2018 - NBS
21. Headline Inflation Drops to 11.14% in July 2018; 0.09% Lower Than June 2018 Rate
22. Average Prices of PMS, AGO, HHK and Cooking Gas – July 2018
23. FAAC Disburses N821.86bn in July 2018 – NBS
24. FAAC Disburses N668.90bn in June 2018 – NBS
25. 4.79bn Litres of PMS Imported into Nigeria in Q2 2018 - NBS
26. 6,999 Products Were Presented for Registration Approval in 2017 - NBS
27. Nigeria Produced 45.74m Tons of Solid Minerals in 2017 - NBS
28. 147,823 Domestic Passengers Moved by 41 Private Jet Operators in 2017 - NBS
29. Average of 92,747MWh of Energy Generated Daily in Q1 2018
30. GDP By Income and Expenditure Approach 2017 - Household Final Consumption Fell by -0.99% in 2017
Q2 2018
31. Average Price of 1kg of Yam Tuber Increased MoM by 4.93% to N305.70 - NBS
32. Average Intracity Transport Fare Increased MoM by 1.53% to N168.90 - NBS
33. Average Prices of PMS, AGO, HHK and Cooking Gas – June 2018
34. Headline Inflation Drops to 11.23% in June 2018; 0.37% Lower Than May 2018 Rate
35. 134,663 Crime Cases Were Reported in 2017 - NBS
36. FAAC Disburses N701.02bn in May 2018 - NBS
37. Average Prices of 1kg of Tomato Increased MoM by 6.10% to N307.14 in May 2018 - NBS
38. Average Water Transport Fare Increased By 0.57% MoM in May 2018 - NBS
39. Headline Inflation Drops to 11.61% in May 2018; 0.87% Lower Than April 2018 Rate
40. Average Prices of PMS, AGO, HHK and Cooking Gas – May 2018
41. Merchandise Trade in Both Directions Grew Significantly in Q1 2018
42. 7.98m Workers Are Registered Under The Pension Scheme as at Q1 2018 - NBS
43. 5.67bn Litres of PMS Imported in Q1 2018 - NBS
44. FAAC Disburses N638.09bn in April 2018 - NBS
45. 2,482 Road Traffic Crashes Occurred in Q1 2018 - NBS
46. Nigeria’s GDP Grew in Real Terms by 1.95% in Q1 2018
47. N269.79bn Generated as VAT in Q1 2018 - NBS
48. Average Price of 1kg of Tomato Increased by 8.38% MoM in April 2018 - NBS
49. Average Fare for Bus Journey Within City Increased by 3.88% MoM in April 2018 - NBS
50. Headline Inflation Drops to 12.48% in April 2018; 0.86% Lower Than March 2018 Rate
51. Average Prices of PMS, AGO, HHK and Cooking Gas – April 2018
52. Total Value of Capital Imported in Q1 2018 Stood at $6,303.63m - NBS
53. Banking Sector Records 457.23m Volume of Transactions in Q1 2018 - NBS
54. FAAC Disburses N647.39bn in March 2018 –NBS
55. 720,958 Passport Applications Received in 2017 - NBS
56. 309,713kg of Drug Seized in 2017 - NBS
57. Average Intercity Bus Fare Decreased by -5.63% MoM in March 2018
58. Average Price of Tomato Decreased by -0.58% YoY in March 2018
59. Headline Inflation Drops to 13.34% in March 2018; 0.99% Lower Than February 2018 Rate
60. Average Prices of PMS, AGO, HHK and Cooking Gas – March 2018
61. Updated 2017 IGR Report – Osun State Grows IGR by 32.04% in FY 2017
Q1 2018
1. FAAC Disburses N635.55bn in February 2018 - NBS
2. Lagos State Has The Highest Domestic and Foreign Debts as at December 2017 - NBS
3. States Generate N931.23bn as IGR in 2017 - NBS
4. Average Air Fare Increased by 1.47% MoM in February 2018 - NBS
5. Average Price of 1kg of Yam Tuber Increased by 7.10% YoY in February 2018 - NBS
6. Headline Inflation Drops to 14.33% in February 2018; 0.8% Lower Than January 2018 Rate
7. Average Prices of PMS, AGO, HHK and Cooking Gas – February 2018
8. Lagos, Abuja, Port Harcourt, Owerri and Kano Airports Served Over 92% of Total Passengers in Q4 2017
9. 4,175 Ocean Going Vessels Recorded at Nigerian Ports in 2017
10. Total Value of Capital Imported into Nigeria in Q4 2017 Estimated at $5,382.89m - NBS
11. Nigeria’s GDP Grows in Real Terms by 1.92% in Q4 and 0.83% for Full Year 2017
12. FAAC Disburses N655.18bn in January 2018 – NBS
13. N254.10bn Generated as VAT in Q4 2017 – NBS
14. Total Active Voice Subscription Increased by 3.69% in Q4 2017 – NBS
15. 18.36bn Litres of PMS Distributed State-wide in 2017 – NBS
16. 5.84m Students Enrolled in Junior Secondary Schools in 2016 - NBS
17. 2,489 Road Traffic Crashes Occurred in Q4 2017 - NBS
18. Average Air Fare Increased by 7.34% YoY in January 2018 - NBS
19. Headline Inflation Drops to 15.13% in January 2018; 0.24% Lower Than 15.37% December Rate
20. Average Prices of PMS, AGO, HHK and Cooking Gas – January 2018
21. 7.82m Workers Are Registered Under the Pension Scheme as at Q4 2017 - NBS
22. Daily Energy Generation Attained a Peak of 94,627MWh in Q4 2017 - NBS
23. Banking Sector Records 461.98m Volume of Transactions in Q4 2017 - NBS
24. 77.5m Persons Engaged in Some Sort of Economic Activities in Q3 2017 - NBS
25. Average Fare Paid by Passengers for Water Transport Increased by 6.05% MoM to N631.55 in Dec 2017
26. Average Price of 1kg of Yam Tuber Decreased by -3.67% YoY to N211.61 in December 2017 - NBS
27. Headline Inflation Drops to 15.37% in December 2017; 0.53% Lower Than 15.90% November Rate
28. Average Prices of PMS, AGO, HHK and Cooking Gas – December 2017
29. Active Voice Subscribers Dropped by 8.73% in Q3 2017 – NBS
30. Inequality in Nigeria Worsened Between 2004 and 2013 But Improved in 2016 – NBS