Nigeria Economy | |
Nigeria Economy | |
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Tuesday, September 15, 2020
08:30 AM / by NBS/ Header Image Credit: NBS
All Item Index
The consumer price index, (CPI) which measures
inflation increased by 13.22 percent (year-on-year) in August 2020. This is
0.40 percent points higher than the rate recorded in July 2020 (12.82 percent).
Increases were recorded in all COICOP divisions that
yielded the Headline index.
On a month-on-month basis, the Headline index increased
by 1.34 percent in August 2020. This is 0.09 percent higher than the rate
recorded in July 2020 (1.25 percent).
The percentage change in the average composite CPI for
the twelve months period ending August 2020 over the average of the CPI for the
previous twelve months period was 12.23 percent, representing a 0.18 percent
point rise from 12.05 percent recorded in July 2020.
The urban inflation rate increased by 13.83 percent
(year-on-year) in August 2020 from 13.40 percent recorded in July 2020, while
the rural inflation rate increased by 12.65 percent in August 2020 from 12.28
percent in July 2020.
On a month-on-month basis, the urban index rose by
1.42 percent in August 2020, up by 0.15 from 1.27 percent recorded in July
2020, while the rural index also rose by 1.27 percent in August 2020, up by
0.04 from the rate recorded in July 2020 (1.23 percent).
The corresponding twelve-month year-on-year average
percentage change for the urban index was 12.85 percent in August 2020. This is
higher than 12.66 percent reported in July 2020, while the corresponding rural
inflation rate in August 2020 was 11.66 percent compared to 11.49 percent
recorded in July 2020.
Food Index
The
composite food index rose by 16.00 percent in August 2020 compared to 15.48
percent in July 2020.
This
rise in the food index was caused by increases in prices of Bread and cereals,
Potatoes, Yam and other tubers, Meat, Fish, Fruits, Oils and fats and
Vegetables.
On
month-on-month basis, the food sub-index increased by 1.67 percent in August
2020, up by 0.15 percent points from 1.52 percent recorded in July 2020.
The
average annual rate of change of the Food sub-index for the twelve-month period
ending August 2020 over the previous twelve-month average was 14.87
percent, representing a 0.24 percent points increase from the average annual
rate of change recorded in July 2020 (14.63 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 10.52 percent in August 2020, up by
0.42 percent when compared with 10.10 percent recorded in July 2020.
On
month-on-month basis, the core sub-index increased by 1.05 percent in August
2020. This was up by 0.30 percent when compared with 0.75 percent recorded in
July 2020.
The
highest increases were recorded in prices of Passenger transport by air,
Hospital services, Medical services, Pharmaceutical products, Maintenance and
repair of personal transport equipment, Vehicle spare parts, Motor cars,
Passenger transport by road, Miscellaneous services relating to the dwelling,
Repair of furniture and Paramedical services.
The
average 12-month annual rate of change of the index was 9.64 percent for the
twelve-month period ending August 2020. This is 0.16 percent points
higher than 9.48 percent recorded in July 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
August 2020, all items index on year on year basis was highest in Kogi
(17.29%), Bauchi (15.77%) and Ebonyi and Yobe (14.71%), while Lagos (11.45%),
Kwara (11.22%) and Abuja (11.17%) recorded the slowest rise in headline Year on
Year inflation.
On
month on month basis however, all items inflation was highest in Ondo (2.20%),
Ogun (2.07%) and Abia (1.87%), while Plateau (0.72%), Zamfara (0.60%) and
Sokoto (0.54%) recorded the slowest rise in headline month on month inflation.
Food
Inflation
In
August 2020, food inflation on a year on year basis was highest in Kogi
(22.03%), Kwara (19.11%) and Edo (17.95%), while Gombe (14.33%), Kano (13.99%)
and Bauchi (13.42%) recorded the slowest rise.
On
month on month basis however, food inflation was highest in Ogun (3.27%), Lagos
(3.13%) and Abia (2.81%), while Plateau (0.67%), Zamfara (0.24%) and Sokoto
(0.13%), recorded the slowest rise.
Click Here to Download August 2020 CPI PDF Report
Latest
2020 NBS Reports
Q3
2020
1. Nigeria's Total Public Debt Stood At N31.01trn in Q2 2020 - NBS
2. Banking Sector
Records 2.16bn Volume of Transaction in Q2 2020 - NBS
3. FAAC Disburses
N547.31bn in June 2020 - NBS
4. Nigeria's
Merchandise Trade Falls Steeply in Q2 2020 Due to Sharp Drop in Exports
5. FAAC Disburses N606.19bn in May 2020 - NBS
6. Total Value of
Capital Imported into Nigeria Stood At $1,294.94m in Q2 2020 - NBS
7. 612,547kg of Drugs Seized in 2019 - NBS
8. Nigeria's GDP
Contracts by -6.10% YoY in Real Terms in Q2 2020 - NBS
9. Average Price of 1kg of Tomato Increased By
3.24% MoM in July 2020 - NBS
10. Average Fare Paid By Commuters for Motorcycle
Journey Increased By 9.06% MoM in July 2020
11. Average Prices of
PMS, AGO, HHK and Cooking Gas - July 2020
12. Headline
Inflation Increases By 12.82% YoY In July 2020; 0.26% Higher Than June 2020 Rate
13. Nigeria's Unemployment Rate Moves Up to 27.1% in Q2
2020 from 23.1% in Q3 2018 - NBS
14. N651.77bn Generated as VAT in H1 2020 - NBS
15. Average
Prices of 1kg of Tomato Increased By 30.25% YoY in June 2020 - NBS
16. Average Fare for Bus Journey Within City Increased By
3.36% MoM to N229.94 in June 2020 - NBS
17. Average Prices of PMS, AGO, HHK and Cooking Gas -
June 2020
18. Headline Inflation Increases By 12.56% YoY In June
2020; 0.16% Higher Than May 2020 Rate
19. Nigeria's Total Public Debt Stood At N28.63trn in Q1
2020 - NBS
20. NBS Publishes National Living Standard Survey 2018-19
Report
21. Active
Voice Subscription Grew By 2.48% in Q1 2020 - NBS
Q2 2020
Q1 2020