Headline Inflation Drops to 11.14% in July 2018; 0.09% Lower Than June 2018 Rate

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Wednesday, August 15, 2018 /09:00 AM / NBS


All Item Index

The consumer price index, (CPI) which measures inflation increased by 11.14 percent (year-on-year) in July 2018. This is 0.09 percent points less than the rate recorded in June 2018 (11.23) percent and represents an eighteenth consecutive disinflation in headline inflation year on year.

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

On month-on-month basis, the Headline index increased by 1.13 percent in July 2018, up by 0.11 percent points from the rate recorded in June 2018 (1.24 percent). This represents the first-time month on month headline inflation has declined since February 2018.

The percentage change in the average composite CPI for the twelve months period ending July 2018 over the average of the CPI for the previous twelve months period was 13.95 percent, showing 0.42 percent point from 14.37 percent recorded in June 2018.

The urban inflation rate eased by 11.66 percent (year-on-year) in July 2018 from 11.68 percent recorded in June 2018, while the rural inflation rate remained flat at 10.83 percent in July 2018 from 10.83 percent in June 2018.

On a month-on-month basis, the urban index rose by 1.23 percent in July 2018, down by 0.01 from 1.24 percent recorded in June, while the rural index also rose by 1.18 percent in July 2018, down by 0.05 percent from the rate recorded in June 2018 (1.23) percent.

The corresponding twelve-month year-on-year average percentage change for the urban index is 14.33 percent in July 2018. This is more less 14.71 percent reported in June 2018, while the corresponding rural inflation rate in July 2018 is 13.64 percent compared to 14.08 percent recorded in June 2018.

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Food Index

The composite food index rose by 12.85 percent in July 2018 compared to 12.98 percent in June 2018. This represents the tenth consecutive decline in year on year food inflation since September 2017.

This rise in the food index was caused by increases in prices of Potatoes, yam and other tubers, Vegetables, Bread and cereals, Fish, Oils and Fat and Fruits

On month-on-month basis, the food sub-index increased by 1.40 percent in July 2018, down by 0.17 percent points from 1.57 percent recorded in June. This represents the first-time month on month food inflation has declined since February 2018.

The average annual rate of change of the Food sub-index for the twelve-month period ending July 2018 over the previous twelve-month average was 17.10 percent, 0.65 percent points from the average annual rate of change recorded in June (17.75) 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 10.2 percent in July 2018, down by 0.2 percent from the rate recorded in June 2018 (10.4) percent. This represent the 16th consecutive decline in year on year core inflation since March 2017

On month-on-month basis, the core sub-index increased by 0.81 percent in July 2018. This was down by 0.22 percent when compared with 1.03 percent recorded in June 2018.

The highest increases were recorded in prices of Medical services, Carpets and other floor coverings, Vehicle spare parts, Domestic services and household services, Pharmaceutical products, Paramedical services, Hairdressing saloons and personal grooming establishment, Dental services, Motor cars and Fuels and lubricants for personal transport equipment.

The average 12-month annual rate of change of the index was 11.48 percent for the twelve-month period ending July 2018; this is 0.17 percent points lower than 11.65 percent recorded in June.

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 2018, all items inflation on year on year basis was highest in Kebbi (13.43%), Rivers (13.09%) and Kaduna (13.01%), while Plateau (8.82%), Ogun(8.86%) and Kwara (9.63%) recorded the slowest rise in headline Year on Year inflation.

On month on month basis however, July 2018 all items inflation was highest in Kaduna (2.76%), Bauchi (2.54) and Ondo (2.30%), while Osun (0.23%), Kogi (0.62) and Adamawa (0.65%) recorded slowest rise on a month on month all item basis in July 2018.

Food Inflation

In July 2018, food inflation on a year on year basis was highest in Abuja (15.85%), Bayelsa (15.75%) and Imo (15.46%), while Plateau (9.40%), Bauchi (10.44%) and Kano (10.50%) recorded the slowest rise in food inflation.

On month on month basis however, July 2018 food inflation was highest in Kwara (4.57%), Kaduna (3.99%) and Imo (3.44%), while Ogun (0.16%) and Osun (0.38%)recorded the slowest rise, Kogi recorded food price deflation or negative inflation (general decrease in the general price level of goods and services or a negative inflation rate) in July 2018.

Click Here to Download July 2018 CPI PDF Report

 

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Latest 2018 NBS Reports

 

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Q3 2018

1.       Average Prices of PMS, AGO, HHK and Cooking Gas – July 2018

2.      FAAC Disburses N821.86bn in July 2018 – NBS

3.      FAAC Disburses N668.90bn in June 2018 – NBS

4.      4.79bn Litres of PMS Imported into Nigeria in Q2 2018 - NBS

5.      6,999 Products Were Presented for Registration Approval in 2017 - NBS

6.      Nigeria Produced 45.74m Tons of Solid Minerals in 2017 - NBS

7.      147,823 Domestic Passengers Moved by 41 Private Jet Operators in 2017 - NBS

8.     Average of 92,747MWh of Energy Generated Daily in Q1 2018

9.      GDP By Income and Expenditure Approach 2017 - Household Final Consumption Fell by -0.99% in 2017

 

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Q2 2018

10.  Average Price of 1kg of Yam Tuber Increased MoM by 4.93% to N305.70 - NBS

11.   Average Intracity Transport Fare Increased MoM by 1.53% to N168.90 - NBS

12.  Average Prices of PMS, AGO, HHK and Cooking Gas – June 2018

13.  Headline Inflation Drops to 11.23% in June 2018; 0.37% Lower Than May 2018 Rate

14.  134,663 Crime Cases Were Reported in 2017 - NBS

15.   FAAC Disburses N701.02bn in May 2018 - NBS

16.  Average Prices of 1kg of Tomato Increased MoM by 6.10% to N307.14 in May 2018 - NBS

17.   Average Water Transport Fare Increased By 0.57% MoM in May 2018 - NBS

18.  Headline Inflation Drops to 11.61% in May 2018; 0.87% Lower Than April 2018 Rate

19.  Average Prices of PMS, AGO, HHK and Cooking Gas – May 2018

20. Merchandise Trade in Both Directions Grew Significantly in Q1 2018

21.  7.98m Workers Are Registered Under The Pension Scheme as at Q1 2018 - NBS

22. 5.67bn Litres of PMS Imported in Q1 2018 - NBS

23. FAAC Disburses N638.09bn in April 2018 - NBS

24. 2,482 Road Traffic Crashes Occurred in Q1 2018 - NBS

25.  Nigeria’s GDP Grew in Real Terms by 1.95% in Q1 2018

26. N269.79bn Generated as VAT in Q1 2018 - NBS

27.  Average Price of 1kg of Tomato Increased by 8.38% MoM in April 2018 - NBS

28. Average Fare for Bus Journey Within City Increased by 3.88% MoM in April 2018 - NBS

29. Headline Inflation Drops to 12.48% in April 2018; 0.86% Lower Than March 2018 Rate

30. Average Prices of PMS, AGO, HHK and Cooking Gas – April 2018

31.  Total Value of Capital Imported in Q1 2018 Stood at $6,303.63m - NBS

32. Banking Sector Records 457.23m Volume of Transactions in Q1 2018 - NBS

33. FAAC Disburses N647.39bn in March 2018 –NBS

34. 720,958 Passport Applications Received in 2017 - NBS

35.  309,713kg of Drug Seized in 2017 - NBS

36. Average Intercity Bus Fare Decreased by -5.63% MoM in March 2018

37.  Average Price of Tomato Decreased by -0.58% YoY in March 2018

38. Headline Inflation Drops to 13.34% in March 2018; 0.99% Lower Than February 2018 Rate

39. Average Prices of PMS, AGO, HHK and Cooking Gas – March 2018

40. Updated 2017 IGR Report – Osun State Grows IGR by 32.04% in FY 2017

 

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Q1 2018

1.       FAAC Disburses N635.55bn in February 2018 - NBS

2.      Lagos State Has The Highest Domestic and Foreign Debts as at December 2017 - NBS

3.      States Generate N931.23bn as IGR in 2017 - NBS

4.      Average Air Fare Increased by 1.47% MoM in February 2018 - NBS

5.      Average Price of 1kg of Yam Tuber Increased by 7.10% YoY in February 2018 - NBS

6.      Headline Inflation Drops to 14.33% in February 2018; 0.8% Lower Than January 2018 Rate

7.      Average Prices of PMS, AGO, HHK and Cooking Gas – February 2018

8.     Lagos, Abuja, Port Harcourt, Owerri and Kano Airports Served Over 92% of Total Passengers in Q4 2017

9.      4,175 Ocean Going Vessels Recorded at Nigerian Ports in 2017

10.  Total Value of Capital Imported into Nigeria in Q4 2017 Estimated at $5,382.89m - NBS

11.   Nigeria’s GDP Grows in Real Terms by 1.92% in Q4 and 0.83% for Full Year 2017

12.  FAAC Disburses N655.18bn in January 2018 – NBS

13.  N254.10bn Generated as VAT in Q4 2017 – NBS

14.  Total Active Voice Subscription Increased by 3.69% in Q4 2017 – NBS

15.   18.36bn Litres of PMS Distributed State-wide in 2017 – NBS

16.  5.84m Students Enrolled in Junior Secondary Schools in 2016 - NBS

17.   2,489 Road Traffic Crashes Occurred in Q4 2017 - NBS

18.  Average Air Fare Increased by 7.34% YoY in January 2018 - NBS

19.  Headline Inflation Drops to 15.13% in January 2018; 0.24% Lower Than 15.37% December Rate

20. Average Prices of PMS, AGO, HHK and Cooking Gas – January 2018

21.  7.82m Workers Are Registered Under the Pension Scheme as at Q4 2017 - NBS

22. Daily Energy Generation Attained a Peak of 94,627MWh in Q4 2017 - NBS

23. Banking Sector Records 461.98m Volume of Transactions in Q4 2017 - NBS

24. 77.5m Persons Engaged in Some Sort of Economic Activities in Q3 2017 - NBS

25.  Average Fare Paid by Passengers for Water Transport Increased by 6.05% MoM to N631.55 in Dec 2017

26.   Average Price of 1kg of Yam Tuber Decreased by -3.67% YoY to N211.61 in December 2017 - NBS

27.  Headline Inflation Drops to 15.37% in December 2017; 0.53% Lower Than 15.90% November Rate

28.  Average Prices of PMS, AGO, HHK and Cooking Gas – December 2017

29.  Active Voice Subscribers Dropped by 8.73% in Q3 2017 – NBS

30.  Inequality in Nigeria Worsened Between 2004 and 2013 But Improved in 2016 – NBS

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