Headline Inflation Increases By 14.23% YoY In October 2020, 0.52% Higher Than September 2020 Rate

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Monday, November 16, 2020  11:30 AM / by NBS / Header Image Credit:  NBS 

 

All Item Index

The consumer price index, (CPI) which measures inflation increased by 14.23 percent (year-on-year) in October 2020. This is 0.52 percent points higher than the rate recorded in September 2020 (13.71 percent).

Increases were recorded in all COICOP divisions that yielded the Headline index.

On a month-on-month basis, the Headline index increased by 1.54 percent in October 2020, this is 0.06 percent rate higher than the rate recorded in September 2020 (1.48 percent).

The percentage change in the average composite CPI for the twelve months period ending October 2020 over the average of the CPI for the previous twelve months period was 12.66 percent, showing a 0.22 percent point rise from 12.44 percent recorded in September 2020.

The urban inflation rate increased by 14.81 percent (year-on-year) in October 2020 from 14.31 percent recorded in September 2020, while the rural inflation rate increased by 13.68 percent in October 2020 from 13.14 percent in September 2020.

On a month-on-month basis, the urban index rose by 1.60 percent in October 2020, up by 0.04 from 1.56 percent recorded in September 2020, while the rural index also rose by 1.48 percent in October 2020, up by 0.08 from the rate recorded in September 2020 (1.40 percent).

The corresponding twelve-month year-on-year average percentage change for the urban index is 13.29 percent in October 2020. This is higher than 13.07 percent reported in September 2020, while the corresponding rural inflation rate in October 2020 is 12.09 percent compared to 11.86 percent recorded in September 2020.


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Food Index

The composite food index rose by 17.38 percent in October 2020 compared to 16.66 percent in September 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, Vegetable, alcoholic and food beverages and Oils and Fats.

On month-on-month basis, the food sub-index increased by 1.96 percent in October 2020, up by 0.08 percent points from 1.88 percent recorded in September 2020. 

The average annual rate of change of the Food sub-index for the twelve-month period ending October 2020 over the previous twelve-month average was 15.42 percent, representing a 0.29  percent points from the average annual rate of change recorded in September 2020 (15.13) percent.


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All Items Less Farm Produce

The "All items less farm produce" or Core inflation, which excludes the prices of volatile agricultural produce stood at 11.14 percent in October 2020, up by 0.56 percent when compared with 10.58 percent recorded in September 2020.

On month-on-month basis, the core sub-index increased by 1.25 percent in October 2020. This was up by 0.31 percent when compared with 0.94 percent recorded in September 2020.

The highest increases were recorded in prices of Passenger transport by air, Hospital and Medical services, Passenger transport by road, Pharmaceutical products, Motor cars,  Vehicle spare parts, Maintenance and repair of personal transport equipment, Hairdressing salons and personal grooming establishments, Miscellaneous services relating to the dwelling, Paramedical services and shoes and other footwear.

The average 12-month annual rate of change of the index was 9.96 percent for the twelve-month period ending October 2020 representing is 0.19 percent points higher than 9.77 percent recorded in September 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 October 2020, all items inflation on year on year basis was highest in Zamfara (17.69%), Sokoto (16.99%) and Ebonyi (16.91%), while Lagos (11.96%), Abuja (11.84%) and Cross River (10.50%) recorded the slowest rise in headline Year on Year inflation.

On month on month basis however, October 2020 all items inflation was highest in Sokoto (2.91%), Edo (2.53%) and Akwa Ibom (2.52%), while Oyo (0.69%), Taraba (0.60%) and Jigawa (0.37%) recorded the slowest rise in headline month on month inflation.


Food Inflation

In October 2020, food inflation on a year on year basis was highest in Edo (21.65%), Zamfara (20.88%) and Kogi (20.58%), while Lagos (14.57%), Ogun  (14.47%) and Ondo  (14.23%) recorded the slowest rise.

On month on month basis however, October 2020 food inflation was highest in Kwara (3.88%), Edo (3.81%) and Sokoto (3.65%), while Oyo (0.57%) and Jigawa (0.54%) and Taraba (0.29%) recorded the slowest rise on month on month inflation.


Click Here to Download October 2020 CPI PDF Report


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Latest 2020 NBS Reports

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Q4 2020

  1. 1. N424.71bn Generated as VAT in Q3 2020 - NBS
  2. FAAC Disburses N682.06bn in September 2020 - NBS
  3. Average Prices of 1kg of Rice Increased By 39.07% YoY in September 2020 - NBS
  4. Average Fare Paid for Intercity Bus Increased By 24.30% YoY in September 2020 - NBS
  5. Average Prices of PMS, AGO, HHK and Cooking Gas - September 2020
  6. Headline Inflation Increases By 13.71% YoY In September 2020, 0.49% Higher Than August 2020 Rate
  7. States Generated N612.87bn as IGR in H1 2020 - NBS
  8. All Region TOT Decreased by -0.79% in Q2 2020 Due to Weaker Trade With Europe, Africa and Asia

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Q3 2020

  1. 2,080 Road Traffic Crashes Occurred in Q2 2020 - NBS
  2. 33,448,633MWh of Energy Generated in 2019 - NBS
  3. FAAC Disburses N676.41bn in August 2020 - NBS
  4. FAAC Disburses N696.18bn in July 2020 - NBS
  5. Average Price of 1kg of Rice Increased By 40.69% YoY in August 2020 - NBS
  6. Average Fare For Bus Journey Within City Increased By 12.70% MoM in August 2020 - NBS
  7. Average Prices of PMS, AGO, HHK and Cooking Gas - August 2020
  8. Headline Inflation Increases By 13.22% YoY In August 2020; 0.40% Higher Than July 2020 Rate
  9. Nigeria's Total Public Debt Stood At N31.01trn in Q2 2020 - NBS
  10. Banking Sector Records 2.16bn Volume of Transaction in Q2 2020 - NBS
  11. FAAC Disburses N547.31bn in June 2020 - NBS
  12. Nigeria's Merchandise Trade Falls Steeply in Q2 2020 Due to Sharp Drop in Exports
  13. FAAC Disburses N606.19bn in May 2020 - NBS
  14. Total Value of Capital Imported into Nigeria Stood At $1,294.94m in Q2 2020 - NBS
  15. 612,547kg of Drugs Seized in 2019 - NBS
  16. Nigeria's GDP Contracts by -6.10% YoY in Real Terms in Q2 2020 - NBS
  17. Average Price of 1kg of Tomato Increased By 3.24% MoM in July 2020 - NBS
  18. Average Fare Paid By Commuters for Motorcycle Journey Increased By 9.06% MoM in July 2020
  19. Average Prices of PMS, AGO, HHK and Cooking Gas - July 2020
  20. Headline Inflation Increases By 12.82% YoY In July 2020; 0.26% Higher Than June 2020 Rate
  21. Nigeria's Unemployment Rate Moves Up to 27.1% in Q2 2020 from 23.1% in Q3 2018 - NBS
  22. N651.77bn Generated as VAT in H1 2020 - NBS
  23. Average Prices of 1kg of Tomato Increased By 30.25% YoY in June 2020 - NBS
  24. Average Fare for Bus Journey Within City Increased By 3.36% MoM to N229.94 in June 2020 - NBS
  25. Average Prices of PMS, AGO, HHK and Cooking Gas - June 2020
  26. Headline Inflation Increases By 12.56% YoY In June 2020; 0.16% Higher Than May 2020 Rate
  27. Nigeria's Total Public Debt Stood At N28.63trn in Q1 2020 - NBS
  28. NBS Publishes National Living Standard Survey 2018-19 Report
  29. Active Voice Subscription Grew By 2.48% in Q1 2020 - NBS

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Q2 2020

  1. 5.26bn Litres of PMS Imported Into Nigeria in Q1 2020 - NBS
  2. All Commodity Group Import Index Decreased By 0.84% in Q1 2020
  3. Average Price of 1kg of Rice Increased By 28.18% YoY in May 2020 - NBS
  4. Average Fare Paid By Commuters for Bus Journey Within City Decreased By -0.56% MoM in May 2020 - NBS
  5. Average Prices of PMS, AGO, HHK and Cooking Gas - May 2020
  6. Headline Inflation Increases By 12.40% YoY In May 2020; 0.06% Higher Than April 2020 Rate
  7. Nigeria's Merchandise Trade Slowed in Q1 2020 Due to Declines in Both Imports and Exports
  8. 11,072 Road Traffic Crashes Occurred in 2019 - NBS
  9. FAAC Disburses N780.93bn in April 2020 - NBS
  10. FAAC Disburses N581.57bn in March 2020 - NBS
  11. Average Price of 1kg of Rice Increased MoM By 7.56% in April 2020 - NBS
  12. Average Air Passengers Fare Was Flat MoM in April 2020 - NBS
  13. Total Value of Capital Importation into Nigeria Stood At $5,854.38m in Q1 2020 - NBS
  14. Nigeria's GDP Grew By 1.87% YoY in Real Terms in Q1 2020
  15. Average Prices of PMS, AGO, HHK and Cooking Gas - April 2020
  16. N1.33trn Generated As IGR in 2019 - NBS
  17. Headline Inflation Increases By 12.34% YoY In April 2020; 0.08% Higher Than March 2020 Rate
  18. 20.89bn Litres of PMS Imported Into Nigeria in 2019 - NBS
  19. N338.94bn Generated As VAT in Q1 2020 - NBS
  20. Total Household Expenditure on Food and Non-food Was Put At N40.21bn in 2019 - NBS
  21. Poverty and Inequality in Nigeria 2019: 40% of Total Population Classified as Poor
  22. GDP By Income and Expenditure Approach Q4 2019 - Household Final Consumption Declined by -2.40%
  23. Average Price of 1kg of Rice Increased By 21% YoY to N438.66 In March 2020
  24. Average Transport Fare Paid By Commuters Within City Increased By 1.89% MoM in March 2020
  25. Average Prices of PMS, AGO, HHK and Cooking Gas - March 2020
  26. Headline Inflation Increases By 12.26% YoY In March 2020; 0.06% Higher Than February 2020 Rate
  27. Nigeria's Total Public Debt Stood At N27.40trn in Q4 2019 - NBS
  28. FAAC Disburses N647.35bn in February 2020 - NBS

 

Q1 2020

  1. Banking Sector Records 893.68m Volume of Transaction in Q4 2019 - NBS
  2. Active Voice Subscription Grew By 3.08% in Q4 2019 - NBS
  3. All Commodity Group Import Index Fell by 3.27% Due Mainly to Declines in the      Prices of Goods
  4. Average Prices of 1kg of Tomato Decreased By -10.65% YoY to N237.22 in Jan 2020 - NBS
  5. Average Fare Paid By Commuters For Bus Journey Intercity Increased By 0.91% MoM in February 2020
  6. Average Prices Of PMS, AGO, HHK and Cooking Gas - February 2020
  7. Headline Inflation Increases By 12.20% YoY In February 2020; 0.07% Higher Than January 2020 Rate
  8. FAAC Disburses N716.30bn in January 2020 - NBS
  9. FAAC Disburses N2.93trn to FG in 2019 - NBS
  10. Total Value of Capital Imported in Q4 2019 Stood At $3,802.38m - NBS
  11. FAAC Disburses N650.83bn in December 2019 - NBS
  12. Nigeria's Merchandise Trade Grew in Q4 2019; Imports Rose Faster Exceeding Falling Exports
  13. Nigeria's GDP Grew By 2.55% in Real Terms in Q4 2019 and 2.27% in Full Year 2019
  14. Average Prices of 1kg of Tomato Decreased By -10.65% YoY to N237.22 in Jan 2020 - NBS
  15. Average Prices Of PMS, AGO, HHK and Cooking Gas - January 2020
  16. Headline Inflation Increases By 12.13% YoY In January 2020; 0.15% Higher Than December 2019 Rate
  17. N293.80bn Generated as IGR in Q3 2019 - NBS
  18. Nigeria's Total Public Debt Stood At N26.14trn in Q3 2019 - NBS
  19. Average Intercity Fare Increases By 1.43% MoM To N1, 666.57 In December 2019
  20. Average Price of 1kg of Tomato Decrease YoY by -2.80% To N263.90 In December 2019
  21. All Commodity Group Index Grew By 2.48% in Q3 2019
  22. Average Prices Of PMS, AGO, HHK and Cooking Gas - December 2019
  23. Headline Inflation Increases By 11.98% YoY In December 2019; 0.13% Higher Than November 2019 Rate


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