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Monday, August 17, 2020 01:05 PM / NBS/ Header Image Credit: NBS
All Item Index
The consumer price index, (CPI) which measures
inflation increased by 12.82 percent (year-on-year) in July 2020. This is 0.26
percent points higher than the rate recorded in June 2020 (12.56) percent.
Increases were recorded in all COICOP divisions that
yielded the Headline index.
On month-on-month basis, the Headline index increased
by 1.25 percent in July 2020. This is 0.04 percent rate higher than the rate
recorded in June 2020 (1.21) percent.
The percentage change in the average composite CPI for
the twelve months period ending July 2020 over the average of the CPI for the
previous twelve months period was 12.05 percent, representing a 0.15 percent
point increase from 11.90 percent recorded in June 2020.
The urban inflation rate increased by 13.40 percent
(year-on-year) in July 2020 from 13.18 percent recorded in June 2020, while the
rural inflation rate increased by 12.28 percent in July 2020 from 11.99 percent
in June 2020.
On a month-on-month basis, the urban index rose by
1.27 percent in July 2020, up by 0.04 from 1.23 percent recorded in June 2020,
while the rural index also rose by 1.23 percent in July 2020, up by 0.04 from
the rate recorded in June 2020 (1.19) percent.
The corresponding twelve-month year-on-year average
percentage change for the urban index was 12.66 percent in July 2020. This is
higher than 12.50 percent reported in June 2020, while the corresponding rural
inflation rate in July 2020 is 11.49 percent compared to 11.36 percent recorded
in June 2020.
Food Index
The composite food index rose by 15.48 percent in July
2020 compared to 15.18 percent in June 2020.
This rise in the food index was caused by increases in
prices of Bread and cereals, Potatoes, yam and other tubers, Meat, Fruits, Oils
and fats, and Fish.
On month-on-month basis, the food sub-index increased
by 1.52 percent in July 2020, up by 0.04 percent points from 1.48 percent
recorded in June 2020.
The average annual rate of change of the Food
sub-index for the twelve-month period ending July 2020 over the previous
twelve-month average was 14.63 percent, 0.17 percent points
from the average annual rate of change recorded in June 2020 (14.46) 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 10.10
percent in July 2020, down by 0.03 percent when compared with 10.13 percent
recorded in June 2020.
On month-on-month basis, the core sub-index increased
by 0.75 percent in July 2020. This was down by 0.11 percent when compared with
0.86 percent recorded in June 2020.
The highest increases were recorded in prices of
Medical services, Passenger transport by air, Pharmaceutical products, Hospital
services, Passenger transport by road, Maintenance and repair of personal
transport equipment, Paramedical services and Vehicle spare parts.
The average 12-month annual rate of change of the
index was 9.48 percent for the twelve-month period ending July 2020; this is
0.11 percent points higher than 9.37 percent recorded in June 2020.
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 July 2020, all items inflation on year on year
basis was highest in Bauchi (16.10%), Kogi (15.90%) and Sokoto and Plateau
(15.20%), while Lagos (10.70%), Adamawa (10.60%) and Kwara (10.50%) recorded
the slowest rise in headline Year on Year inflation.
On month on month basis however, July 2020 all items
inflation was highest in Kogi (2.85%), Zamfara (2.44%) and Yobe (2.35%), while
Ondo (0.67%), Adamawa (0.63%) and Ogun and Imo (0.62%) recorded the slowest
rise in headline month on month inflation.
Food Inflation
In July 2020, food inflation on a year on year basis
was highest in Kogi (20.09%), Sokoto (19.28%) and Plateau (18.05%), while
Adamawa (13.37%), Abia (13.33%) and Lagos (13.13%) recorded the slowest
rise.
On
month on month basis however, July 2020 food inflation was highest in Zamfara
(3.40%), Kogi (3.32%) and Yobe (3.00%), while Niger and Ogun (0.44%), Lagos
(0.41%) with Adamawa recording price deflation or negative inflation (general
decrease in the general price level of food or a negative food inflation rate).
Click Here to Download July 2020 CPI PDF Report
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