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Headline Inflation Drops to 15.90% in November 2017; 0.01% Lower Than 15.91% October Rate

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Monday, December 18, 2017 8:30AM /NBS 

All Item Index
 

The Consumer Price Index (CPI) which measures inflation increased by 15.90 percent (year-on-year) in November 2017. This was 0.01 percent points lower than the rate recorded in October (15.91) percent making it the tenth consecutive disinflation (slowdown in the inflation rate though still positive) in 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 0.78 percent in November 2017, 0.02 percent points higher from the rate of 0.76 percent recorded in October. This represents the first rise in month on month inflation following five consecutive months on month contraction in headline inflation since May 2017. 

The percentage change in the average composite CPI for the twelve month period ending in November 2017 over the average of the CPI for the previous twelve month period was 16.76 percent, showing 0.21 percent point lower from 16.97 percent recorded in October 2017. 

The Urban inflation rate rose by 16.27 percent (year-on-year) in November from 16.19 percent recorded in October, while the Rural inflation rate also eased by 15.59 percent in November from 15.67 percent in October. 

On month-on-month basis, the urban index rose by 0.85 percent in November, up by 0.03 from 0.82 percent recorded in October, while the rural index rose by 0.724 percent in November, up by 0.009 when compared with 0.715 percent in October. 

The corresponding twelve month year-on-year average percentage change for the urban index is 17.26 percent in November. This is less than 17.57 percent reported in October 2017, while the corresponding rural inflation rate in November is 16.29 percent compared to 16.41 percent recorded in October 2017. 


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Food Index
 
High year on year food prices and food price pressure continued into November though consistently at a slower pace month on month. The Food Index increased by 20.30 percent (year-on-year) in November, down marginally by 0.01 percent points from the rate recorded in October (20.31 percent).

 

On a month-on-month basis, the Food sub-index increased by 0.88 percent in November, up by 0.03 percent from 0.85 percent recorded in October. This represents the first rise in months on month rise following five consecutive disinflation in month on month inflation since a 2017 high of 2.57% in May 2017.

 

The average annual rate of change of the Food sub-index for the twelve-month period ending in November 2017 over the previous twelve month average was 19.39 percent, 0.25 percent points from the average annual rate of change recorded in October (19.14) percent.

 

The rise in the index was caused by increases in prices of  bread and cereal, milk, cheese, eggs, coffee, tea, cocoa, fish and Oil and fats.  

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All Items Less Farm Produce/Core Inflation
 
The ‘’All Items less Farm Produce’’ or Core sub-index, which excludes the prices of volatile agricultural, stood during the month of November at 12.20 percent points, up from 12.14 percent recorded in October as all key divisions which contributes to the index increased. 

On a month-on-month basis, the Core sub-index increased by 0.77 percent in November, higher from 0.76 percent recorded in October.
 

The average 12 month annual rate of change of the index was 13.93 percent for the twelve-month period ending in November 2017; this is 0.48 percent points lower than 14.41 percent recorded in October.
 

The highest increases were recorded in prices of motorcycles, bicycles, glassware and tableware, hospital and medical services, spirits, household textiles, insurance, accommodation services, maintenance
and repair of personal transport equipment, Vehicle spare parts, Other services in respect of personal transport equipment, and Fuel and lubricants for personal transport equipment.  
 

State Profiles
In analyzing 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 inter State comparisons of consumption basket inadvisable and potentially misleading

All Items Inflation
In November 2017, all items inflation on a year on year basis was highest in Bauchi (23.63%), Nasarawa (19.90%) and Kebbi (19.22%), while Kogi (11.27%), Edo (13.11%) and Delta States (13.75) recorded the slowest rise in headline Year on Year inflation. 

On a month on month basis however, November 2017 all items inflation was highest in Bauchi (1.6%), Katsina (1.44%) and Oyo (1.43%), while Plateau (0%), Edo (0.07%) Benue (0.21%) recorded the lowest month on month all item inflation in November 2017

Food Inflation
In November 2017, food inflation on a year on year basis was highest in Kwara (28.11%), Ebonyi (25.03%) and Nasarawa (24.95%) while Kogi (13.25%), Benue (15.19%) and Bauchi (15.42%) and recorded the slowest rise in food inflation. 

On a month on month basis however, November 2017 food inflation was highest in Oyo and Ebonyi (1.96%), and FCT/Abuja (1.93%), while Akwa Ibom (-0.69%), Plateau (-0.13%), and Benue (-0.06%) which recorded food price deflation or negative inflation (general decrease in the general price level of goods and services or a negative inflation rate) in November recorded the lowest food inflation in November 2017
 

Click Here to Download November 2017 CPI (PDF) Report


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2017 NBS Reports
 

Q4 2017

1.    Banking Sector Records 213.69m Volume of Transactions in Q3 2017 - NBS

2.   Nigeria’s Merchandise Trade Grew Marginally Q-on-Q But Significantly Y-on-Y in Q3 2017

3.    2,478 Road Traffic Crashes Recorded in Q3 2017 - NBS

4.   States Generate N149.45bn as IGR in Q3 2017 - NBS

5.   Total Value of Capital Imported into Nigeria in Q3 2017 Estimated at $4,145.1m - NBS

6.   FAAC Disburses N558.08bn in October 2017 -NBS

7.   GDP Grew by 1.40% in Q3’17 from 0.72% in Q2’17; 2nd Consecutive Quarter of Positive Growth

8.   Average Motorcycle Fare per Drop Increased by 4.52% YoY in October 2017

9.    Average Prices of PMS, AGO, HHK and Cooking Gas – October 2017

10.  Headline Inflation Drops to 15.91% in October 2017, 0.07% Lower Than 15.98% September Rate

11.   Average Price of 1kg of Yam Tuber Increased by 10.22% YoY in October 20

12.  596,792 Passengers Travelled Via the Rail System in Q2 2017 - NBS

13.  7.71m Workers Are Registered Under the Pension Scheme as at Q3 2017 - NBS

14.  Daily Energy Generation Attained a Peak of 3,880MW in Q3 2017 - NBS

15.   FAAC Disburses N637.70bn in September 2017 - NBS

16.  GDP by Income and Expenditure Approach – Basic Price GDP Declined by 1.73% Real Term in Q4’16

17.   N246.30bn Generated as VAT in Q2 2017 - NBS

18.  Lagos State Has 7,396 Prison Inmates Population in 2016 - NBS

19.  Average Prices of PMS, AGO, HHK and Cooking Gas - September 2017

20. Average Air Fare Increased by 31.31% YoY in September 2017

21.  Average Price of 1kg of Yam Tuber Increased by 28.65% YoY in September 2017

22. CPI Drops to 15.98% in Sept 2017, 0.03% Lower Than 16.01% August Rate

23. Multiple Indicator Cluster Survey 2016-17

24. Pension Fund Asset under Management as at 31 December 2016 stood at N6,164.76bn - NBS

25.  835.58m Crude Oil Processed from 1997 to 2014

26. N701.85bn Gross Revenue Generated in July 2017


Q3 2017

27.  FAAC Disburses N467.85bn in August 2017 - NBS

28. Lagos Accounted for 74.8% of International Passenger Traffic in Q2 2017

29. Lagos State Has the Highest Foreign and Domestic Debts as at June 2017

30. CPI Drops to 16.01% in August 2017, 0.04% Lower Than 16.05% July Rate

31.  Average Air Fare Increased by 32.75% YoY in August 2017

32. Average Prices of PMS, AGO, HHK and Cooking Gas - August 2017

33. Average Price of 1kg of Yam Tuber Increased by 53.98% YoY in August 2017

34. Nigeria’s Merchandise Trade Grew Marginally QoQ but Significantly YoY in Q2 2017

35.  2,287 Drug Abuse Convictions Secured in 2016 - NBS

36. Average Price of 1kg of Tomato Increased YoY by 15.65% in July 2017 - NBS

37.  Average Prices of PMS, AGO, HHK and Cooking Gas - July 2017

38. Average Intercity Fare Increased YoY by 27.49% in July 2017 - NBS

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

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

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

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

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

44. 870,397 Candidates Sat for NECO in June and July 2016

45.  3,457 Nigerians Repatriated from Abroad in 2016 – NBS

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

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

48. 2,503 Road Traffic Crashes Recorded in Q2 2017 - NBS

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

50. 7.59m Nigerians Are Registered Under the National Pension Scheme as at Q2’17 - NBS

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

52.  NBS Annual Abstract of Statistics 2016

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

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

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

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


Q2 2017
57.  FAAC Disburses N418.82bn in May 2017 - NBS
58. GDP By Income and Expenditure Approach – Basic Price GDP Declines by 2.3% in Q3’16 - NBS
59.  Average Price Watch of PMS, AGO, HHK and Cooking Gas - May 2017
60.   Average Intercity Transport Fare Decreases to N1,5865. in May’17 from N1,587.04 in Apr’17
61.   Average Price Of 1kg Of Yam Tuber Increased YoY by 52.69% in May 2017 - NBS
62.  CPI Drops to 16.25% in May 2017, 0.99% Lower Than 17.24% April Rate
63. N204.77bn Generated as VAT in Q1 2017 - NBS
64. 125,790 Cases of Reported Offences Recorded in 2016 - NBS
65.  Labour Productivity Rose to N684.43 in 2016 - NBS
66. Merchandise Trade Grew By 0.1% - Positive Trade Balance Due to Rising Exports & Falling Imports
67.  Unemployment Rate Rises to 14.2% in Q4’16 from 13.9% in Q3’16 - NBS
68. Lagos Airport Accounted for 76.5% of International Passengers in Q1 2017 - NBS
69. FAAC Disburses N496.39bn in April 2017 - NBS
70. Banking Sector Records 304.31 mln Volume of Transaction in Q1 2017 - NBS
71.   Total Value of Capital Imported into Nigeria in Q1 2017 Estimated at $908.27m - NBS
72.  GDP Contracts by -0.52% in Q1’17 from -1.73% in Q4’16; 5th Consecutive Quarter of Contraction
73.  Average Prices of PMS, AGO, HHK and Cooking Gas Price Watch – April 2017
74.  Average Intercity Transport Fare Increases to N1,587.04 in Apr’17 from N1,466.46 in Mar’17
75.  Average Prices of 1kg of Yam Tubber Increased by 42.45% YoY in April 2017
76.  CPI Drops to 17.24% in April 2017, 0.02% Lower Than 17.26% March Rate
77.  Lagos, Rivers Top IGR for Full Year 2016
78. Telecoms Subscribers Dropped by 1.33% in Q1 2017 - NBS
79.  Nigeria Imports 4.05bn Litres of PMS in Q1 2017 - NBS
80.Lagos State has the highest domestic and foreign debt profile in 2016 - NBS
81.  2,556 Road Traffic Crashes Recorded in Q1 2017 - NBS
82. FAAC Disburses N466.93bn in March 2017
83. Daily Energy Generation Attained a Peak of 5,846 MW in Q1 2017 - NBS
84. Average Prices of PMS, AGO, HHK and Cooking Gas Price Watch - March 2017
85. Average Intercity Transport Fare Increases to N1,466.46 in Mar’17 from N1,411.87 in Feb’17
86. Average Prices of 1kg of Yam Tubber Increased by 63.4% YoY in March 2017
87. CPI Drops to 17.26% in March 2017, 0.52% Lower Than 17.78% February Rate
88.7.49m Nigerians Are Registered Under the National Pension Scheme As At Q1 2017 - NBS
89. Lagos Airport Accounted for 69.1% of International Passengers in 2016 - NBS


Q1 2017

90. 11,363 Road Traffic Crashes Recorded in 2016 - NBS

91.  FAAC Disburses N514.15bn in February 2017

92. FAAC Disburses N430.16bn in January 2017

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

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

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

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

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

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

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

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

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

102.   JAMB Received 11.7m Applications Between 2010 and 2016

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

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

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

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

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

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

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

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

111.   4,296 Applications Were Received by NAFDAC for New Products Registration in 2016 - NBS

112.   19,833 Vessels Berthed At Nigerian Ports Between 2013 and 2016 - NBS

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

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

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

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

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

118.   10.8% of Nigeria's Total Working Population Are Registered Under The National Pension Scheme - NBS

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

120.  72.53% of Nigeria’s Prison Population in 2015 were Un-sentenced - NBS

121.   Lagos, Ogun Top IGR for H1 2016

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