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CPI Drops to 16.05% in July 2017, 0.05% Lower Than 16.10% June Rate

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Monday 28th August 2017 9.05 AM/ NBS 

All Item Index
The Consumer Price Index (CPI) which measures inflation increased by 16.05 percent (year-on-year) in July 2017. This was 0.05 percent points lower than the rate recorded in June (16.10) percent making it the sixth consecutive decline in the rate of headline year on year inflation since January 2017.   

Increases were recorded in all COICOP divisions that yield the Headline Index.

On a month-on-month basis, the Headline index increased by 1.21 percent in July 2017, 0.37 percent points lower from the rate of 1.58 percent recorded in June. 

The percentage change in the average composite CPI for the twelve-month period ending in July 2017 over the average of the CPI for the previous twelve-month period was 17.47 percent, 0.11 percent point lower from 17.58 percent recorded in June 2017.

The Urban index rose by 16.04 percent (year-on-year) in July 2017, down by 0.11 percent point from 16.15 percent recorded in June, and the Rural index increased by 16.08 percent in July from 16.01 percent in June.  

On month-on-month basis, the urban index rose by 1.25 percent in July 2017, down by 0.35 percent point from 1.60 percent recorded in June, while the rural index rose by 1.18 percent in July 2017, down by 0.39 percent point from 1.57 percent in June. 

The corresponding twelve month year-on-year average percentage change for the urban index increased from 18.69 percent in June to 18.43 percent in July, while the corresponding rural index also increased from 16.56 percent in June to 16.60 percent in July. 

Food Index
Food price pressure continued into July as all major food sub-indexes increased. The Food Index increased by 20.28 percent (year-on-year) in July, up by 0.37 percent points from the rate recorded in June (19.91 percent). This represents the highest year on year increase in food inflation since the beginning of the new series in 2009.  

The rise in the index was caused by increases in prices of bread and cereals, meat, fish, oils and fats, coffee, tea and cocoa, potatoes yam and other tubers and vegetables.

On a month-on-month basis, the Food sub-index increased by 1.52 percent in July, down by 0.47 percent points from 1.99 percent recorded in June. 

The average annual rate of change of the Food sub-index for the twelve-month period ending in July 2017 over the previous twelve month average was 18.25 percent, 0.38 percent points from the average annual rate of change recorded in June (17.87)percent. 

All Items Less Farm Produce/Core Inflation
The ‘’All Items less Farm Produce’’ or Core sub-index, which excludes the prices of volatile agricultural produce eased by 0.30 percent during the month to 12.20 percent points from 12.50 percent recorded in June as all key divisions which contributes to the index increased.  

On a month-on-month basis, the Core sub-index increased by 1.00 percent in July, 0.32 percent points lower from 1.32 percent recorded in June. The highest increases were recorded in clothing materials and articles of clothing, furniture and furnishing, books and stationary, medical services, glassware, tableware & household utensils, accommodation services and household textiles.  

The average 12 month annual rate of rise of the index was recorded at 15.80 percent for the twelve-month period ending in July 2017, 0.42 percent points lower from the twelve month rate of change recorded in June. 

Click Here to Download July 2017 CPI (PDF) Report  

 

 

 

 

 

Latest 2017 NBS Reports 

Q3 2017 

1.       Total Value of Capital Imported into Nigeria in Q2 2017 Estimated at $1,792.3m - NBS

2.      FAAC Disburses N652.23bn in July 2017 - NBS

3.      Active Voice Subscribers Dropped by 6.67% in Q2 2017 – NBS

4.      Banking Sector Records 327.37m Volume of Transactions in Q2 2017 - NBS

5.      870,397 Candidates Sat for NECO in June and July 2016

6.      3,457 Nigerians Repatriated from Abroad in 2016 – NBS

7.      Corruption in Nigeria - Bribery as Experienced by the Population

8.     Nigeria Produced 656.8m Barrels of Crude Oil in 2016

9.      2,503 Road Traffic Crashes Recorded in Q2 2017 - NBS

10.  Daily Energy Generation Attained a Peak of 4,079MW in Q2 2017 - NBS

11.   7.59m Nigerians Are Registered Under the National Pension Scheme as at Q2’17 - NBS

12.  FAAC Disburses N462.36bn in June 2017 - NBS

13.  NBS Annual Abstract of Statistics 2016

14.  Average Prices of PMS, AGO, HHK and Cooking Gas Price Watch - June 2017

15.   Average Intercity Transport Fare Decreases to N1,559.68 in Jun’17 from N1,565 in May’17

16.  Average Price Of 1kg Of Yam Tuber Increased YoY by 32.84% in June 2017 -NBS

17.   CPI Drops to 16.10% in June 2017, 0.15% Lower Than 16.25% May Rate 

Q2 2017

18.  FAAC Disburses N418.82bn in May 2017 - NBS

19.  GDP By Income and Expenditure Approach – Basic Price GDP Declines by 2.3% in Q3’16 - NBS

20.  Average Price Watch of PMS, AGO, HHK and Cooking Gas - May 2017

21.   Average Intercity Transport Fare Decreases to N1,5865. in May’17 from N1,587.04 in Apr’17

22.  Average Price Of 1kg Of Yam Tuber Increased YoY by 52.69% in May 2017 - NBS

23.  CPI Drops to 16.25% in May 2017, 0.99% Lower Than 17.24% April Rate

24. N204.77bn Generated as VAT in Q1 2017 - NBS

25.  125,790 Cases of Reported Offences Recorded in 2016 - NBS

26. Labour Productivity Rose to N684.43 in 2016 - NBS

27.  Merchandise Trade Grew By 0.1% - Positive Trade Balance Due to Rising Exports & Falling Imports

28. Unemployment Rate Rises to 14.2% in Q4’16 from 13.9% in Q3’16 - NBS

29. Lagos Airport Accounted for 76.5% of International Passengers in Q1 2017 - NBS

30. FAAC Disburses N496.39bn in April 2017 - NBS

31.  Banking Sector Records 304.31 mln Volume of Transaction in Q1 2017 - NBS

32. Total Value of Capital Imported into Nigeria in Q1 2017 Estimated at $908.27m - NBS

33. GDP Contracts by -0.52% in Q1’17 from -1.73% in Q4’16; 5th Consecutive Quarter of Contraction

34. Average Prices of PMS, AGO, HHK and Cooking Gas Price Watch – April 2017

35.  Average Intercity Transport Fare Increases to N1,587.04 in Apr’17 from N1,466.46 in Mar’17

36. Average Prices of 1kg of Yam Tubber Increased by 42.45% YoY in April 2017

37.  CPI Drops to 17.24% in April 2017, 0.02% Lower Than 17.26% March Rate

38. Lagos, Rivers Top IGR for Full Year 2016

39. Telecoms Subscribers Dropped by 1.33% in Q1 2017 - NBS

40. Nigeria Imports 4.05bn Litres of PMS in Q1 2017 - NBS

41.  Lagos State has the highest domestic and foreign debt profile in 2016 - NBS

42. 2,556 Road Traffic Crashes Recorded in Q1 2017 - NBS

43. FAAC Disburses N466.93bn in March 2017

44. Daily Energy Generation Attained a Peak of 5,846 MW in Q1 2017 - NBS

45.  Average Prices of PMS, AGO, HHK and Cooking Gas Price Watch - March 2017

46. Average Intercity Transport Fare Increases to N1,466.46 in Mar’17 from N1,411.87 in Feb’17

47.  Average Prices of 1kg of Yam Tubber Increased by 63.4% YoY in March 2017

48. CPI Drops to 17.26% in March 2017, 0.52% Lower Than 17.78% February Rate

49. 7.49m Nigerians Are Registered Under the National Pension Scheme As At Q1 2017 - NBS

50. Lagos Airport Accounted for 69.1% of International Passengers in 2016 - NBS

Q1 2017

51.   11,363 Road Traffic Crashes Recorded in 2016 - NBS

52.  FAAC Disburses N514.15bn in February 2017

53.  FAAC Disburses N430.16bn in January 2017

54.  Average Intercity Transport Fare Decreases to N1,411.87 in Feb’17 from N1430.63 in Jan’17

55.  Average Price of 1kg of Rice Increased by 68% YoY in February 2017

56.  Average Prices of PMS, AGO, HHK and Cooking Gas Price Watch - February 2017

57.  CPI Drops to 17.78% in February 2017, 0.94% Lower Than 18.72% January Rate

58. Nigeria Produced 43.49m Tons of Solid Minerals in 2016 - NBS

59.  NIPOST Generates N8.84bn Revenue in 2016 - NBS

60. Q4 2016 Merchandise Trade Intensity - Total Trade Grows by 6.5% in 2016

61.  Merchandise Trade Grows in Q4 2016 - Records First Quarterly Positive Trade Balance Since Q4 2015

62. GDP Contracts by -1.30% in Q4 and -1.51% for Full Year 2016; Is Nigeria on Its Way Out of Recession?

63. JAMB Received 11.7m Applications Between 2010 and 2016

64. Average Kerosene Price Increases to N433.84 in Jan'17 from N231.85 in Dec'16

65.  Average Intracity Transport Fare Increases to N122 in Jan'17 from N84.29 in Dec'16

66. Average Cooking Gas Price Increases to N2,567.56 in Jan’17 from N2,002.16 in Dec’16

67.  Average Diesel Price Increases to N240.52 in Jan’17 from N196.20 in Dec’16

68. Average Petrol Price Increases to N148.7 in Jan'17 from N146.7 in Dec'16

69. CPI Rises to 18.72% in January 2017, 0.17% Higher Than 18.55% December 2016 Rate

70. GENCOs Issued Total Invoice of N331bn to DISCOs in 2016

71.   Nigeria Produced 5.79 mln Tonnes of Fish Between 2010 and 2015

72.  4,296 Applications Were Received by NAFDAC for New Products Registration in 2016 - NBS

73.  19,833 Vessels Berthed At Nigerian Ports Between 2013 and 2016 - NBS

74.  Total Value of Capital Imported into Nigeria in Q4 2016 Estimated at $1,548.88mln - NBS

75.  Telecoms Sector Contributes N1,399bn to GDP in Q3 2016 - NBS

76.  FAAC Disburses N426.88bn in December 2016 - NBS

77.  Banking Sector Records 910.18m Volume of Transaction in 2016 on Electronic Payment Channels - NBS

78. Daily Energy Generation Attained a Peak of 3,859.59MW in Q4 2016 - NBS

79.  10.8% of Nigeria's Total Working Population Are Registered Under The National Pension Scheme - NBS

80.Nigeria Imports 4.83 bn Litres of PMS in Q4 2016 - NBS

81.  72.53% of Nigeria’s Prison Population in 2015 were Un-sentenced - NBS

82. Lagos, Ogun Top IGR for H1 2016

 

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