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

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Wednesday, November 15, 2017 9:00AM /NBS

All Item Index

 The Consumer Price Index (CPI) which measures inflation increased by 15.91 percent (year-on-year) in October 2017. This was 0.07 percent points lower than the rate recorded in September (15.98) percent making it the ninth 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. 

While average headline year on year inflation for the first five months of the year (January to May 2017) stood at 17.45 percent, average headline year on year inflation for the next five months of the year (June to October 2017), stood at 16.01 percent indicating disinflation from June to date, compared to from January to May 2017. 

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On a month-on-month basis, the Headline index increased by 0.76 percent in October 2017, 0.02 percent points lower from the rate of 0.78 percent recorded in September. This represents the fifth consecutive month on month contraction in headline inflation since May 2017. 

While average headline month on month inflation for the first five months of the year (January to May 2017) stood at 1.54 percent, average headline month on month inflation for the next five months of the year (June to October 2017), stood at 1.06 percent indicating disinflation from June to date compared to from January to May 2017. 

This indicates that while prices have remained high in 2017, they have tended to slow down their pace of increase since May 2017 both on a year on year and month on month basis. 

The percentage change in the average composite CPI for the twelve-month period ending in October 2017 over the average of the CPI for the previous twelve-month period, which has also trended downwards since May 2017 was 16.97 percent, showing 0.2 percent point lower from 17.17 percent recorded in September 2017. 

The Urban index rose by 16.19 percent (year-on-year) in October 2017, up by 0.01 percent point from 16.18 percent recorded in September and the Rural index increased by 15.67 percent in October 2017 down from 15.81 percent in September 2017.

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On month-on-month basis, the urban index rose by 0.82 percent in October 2017, down from 0.84 percent recorded in August, while the rural index rose by 0.72 percent in October 2017, down from 0.74 percent in September. 

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The corresponding twelve-month year-on-year average percentage change for the urban index was 17.57 percent in October. This was less than 17.87 percent reported in September 2017, while the corresponding rural inflation rate in October was 16.41 percent compared to 16.52 percent recorded in September 2017.



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Food Index

High food price and food price pressure continued into September though generally at a slower pace.

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The Food Index increased by 20.31 percent (year-on-year) in October, down marginally by 0.01 percent points from the rate recorded in September (20.32 percent). 

While average year on year food inflation for the first five months of the year (January to May 2017) stood at 18.67 percent, average year on year food inflation for the next five months of the year (June to October 2017), was higher at 20.22 percent indicating higher food price inflation on average in the second five months of the year compared to the first five months. 

On a month-on-month basis, the Food sub-index increased by 0.85 percent in October, down from 0.87 percent recorded in August. This represents the fifth consecutive disinflation in month on month inflation since a 2017 high of 2.57% in May 2017. October 2017 also represents the lowest recorded month on month inflation since September 2016. 

While average month on month food inflation for the first five months of the year (January to May 2017) stood at 2.01 percent, average month on month food inflation for the next five months of the year (June to October 2017), stood at 1.27 percent indicating a general slow-down in the rise in food prices from June to date compared to from January to May 2017, though the rate of price increases has remained generally higher on a year on year basis. 

The average annual rate of change of the Food sub-index for the twelve-month period ending in October 2017 over the previous twelve month average was 19.14 percent, 0.26 percent points from the average annual rate of change recorded in September (18.88) percent 

The rise in the food index, in October 2017 was caused by increases in prices of bread and cereals, meats, oils and fats, coffee tea and cocoa, milk cheese and eggs vegetables and fish. 

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 October at 12.14 percent points from 12.12 percent recorded in September as all key divisions which contributes to the index increased. 

While average year on year core inflation for the first five months of the year (January to May 2017) stood at 15.41 percent, average year on year core inflation for the next five months of the year (June to October 2017), was lower at 12.24. 

On a month-on-month basis, the Core sub-index increased by 0.76 percent in October, lower from 0.80 percent recorded in September. 

While average month on month core inflation for the first five months of the year (January to May 2017) stood at 1.07 percent, average month on month core inflation for the next five months of the year (June to October 2017), stood at 0.96 percent. 

The average 12 month annual rate of change of the index was 14.41 percent for the twelve-month period ending in October 2017; this is 0.49 percent points lower than 14.90 percent recorded in September. 

The highest increases were recorded in prices of maintenance and repair of personal transport equipment and other services related to personal transport equipment, air transport, Vehicle spare parts, carpets and other floor coverings, furniture and furnishings and repair of furniture, solid and liquid fuels , Shoes and other foot ware and Garments, clothing materials, other articles of clothing and clothing accessories. 

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 October 2017, all times inflation on a year on year basis was highest in Bauchi (23.87%), Nasarawa (20.23%) and Kebbi (19.17%), while Kogi (9.83%), Abuja/FCT (13.23%) and Edo (13.42%) recorded the slowest rise in headline inflation. 

On a month on month basis however, October 2017 all items inflation was highest in Bauchi (1.6%), Jigawa (1.45%) and Benue (1.35%), while Sokoto (-0.43%) and Abia (-0.33%) which recorded price deflation or negative inflation (general decrease in the general price level of goods and services or a negative inflation rate) in October as well as Akwa Ibom (0.20%) recorded the lowest  all item inflation in October 2017 

Food Inflation

In October 2017, food inflation on a year on year basis was highest in Kwara (26.27%), Nasarawa (26.18%) and Kano (24.70%), while Kogi (11.61%), Bauchi (14.41%) and Benue (16.21%) recorded the slowest rise in food inflation. 

On a month on month basis however, October 2017 food inflation was highest in Kwara (2.38%), Benue (1.93%) and Edo (1.77%), while Abia (-0.69%), Sokoto (-0.53%), Cross River (-0.22%) and Enugu (-0.16%) 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 October recorded the lowest food inflation in October 2017. 

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Click Here to Download October 2017 CPI PDF Report 

Latest 2017 NBS Reports 

Q4 2017

1.  596,792 Passengers Travelled Via the Rail System in Q2 2017 - NBS

2.  7.71m Workers Are Registered Under the Pension Scheme as at Q3 2017 - NBS

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

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

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

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

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

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

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

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

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

12.  Multiple Indicator Cluster Survey 2016-17

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

14.  835.58m Crude Oil Processed from 1997 to 2014

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

Q3 2017

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

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

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

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

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

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

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

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

24. 2,287 Drug Abuse Convictions Secured in 2016 - NBS

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

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

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

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

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

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

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

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

33. 870,397 Candidates Sat for NECO in June and July 2016

34. 3,457 Nigerians Repatriated from Abroad in 2016 – NBS

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

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

37.  2,503 Road Traffic Crashes Recorded in Q2 2017 - NBS

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

39. 7.59m Nigerians Are Registered Under the National Pension Scheme as at Q2’17 - NBS

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

41.  NBS Annual Abstract of Statistics 2016

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

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

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

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

 

Q2 2017

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

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

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

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

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

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

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

53.  125,790 Cases of Reported Offences Recorded in 2016 - NBS

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

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

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

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

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

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

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

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

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

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

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

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

66. Lagos, Rivers Top IGR for Full Year 2016

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

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

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

70. 2,556 Road Traffic Crashes Recorded in Q1 2017 - NBS

71.   FAAC Disburses N466.93bn in March 2017

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

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

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

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

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

77.  7.49m Nigerians Are Registered Under the National Pension Scheme As At Q1 2017 - NBS

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

Q1 2017

79.  11,363 Road Traffic Crashes Recorded in 2016 - NBS

80.FAAC Disburses N514.15bn in February 2017

81.  FAAC Disburses N430.16bn in January 2017

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

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

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

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

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

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

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

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

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

91.  JAMB Received 11.7m Applications Between 2010 and 2016

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

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

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

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

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

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

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

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

100.  4,296 Applications Were Received by NAFDAC for New Products Registration in 2016 - NBS

101.    19,833 Vessels Berthed At Nigerian Ports Between 2013 and 2016 - NBS

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

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

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

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

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

107.   10.8% of Nigeria's Total Working Population Are Registered Under The National Pension Scheme - NBS

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

109.    72.53% of Nigeria’s Prison Population in 2015 were Un-sentenced - NBS

110.    Lagos, Ogun Top IGR for H1 2016

 

 

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