Headline Inflation Increases By 11.02% YoY In August 2019; 0.06% Lower Than July 2019 Rate

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Tuesday, September 17, 2019  08:30AM / NBS  

 

All Item Index

The consumer price index, (CPI) which measures inflation increased by 11.02 percent (year-on-year) in August 2019. This is 0.06 percent points lower than the rate recorded in July 2019 (11.08) percent. 

Accordingly, disinflation continued in August 2019 despite several pronouncements regarding restrictions on the import of some food items, minimum wage and the recent border closures. 

It is important to note that with respect to the latter, the border was only closed 20 August 2019 with only 11 days of 31days for any significant impact to be felt either way on prices. The inflation rate is also the average prices for the whole month and not only the price of goods and services in the last few days of the month. Furthermore, the harvest season and existing weak consumer demand and their natural effect to slow down food and other prices will also play a major role in determining the direction of inflation. 

Against this backdrop, in August 2019, all major indices slowed except urban inflation year on year. 

On month-on-month basis, the Headline index increased by 0.99 percent in August 2019. This is 0.02 percent rate lower than the rate recorded in July 2019 (1.01) percent. 

The percentage change in the average composite CPI for the twelve months period ending August 2019 over the average of the CPI for the previous twelve months period was 11.271 percent, showing 0.02 percent point from 11.291 percent recorded in July 2019. 

The urban inflation rate increased by 11.48 percent (year-on-year) in August 2019 from 11.43 percent recorded in July 2019, while the rural inflation rate increased by 10.61 percent in August 2019 from 10.64 percent in July 2019. 

On a month-on-month basis, the urban index rose by 1.04 percent in August 2019, down by 0.03 from 1.07 percent recorded in July 2019, while the rural index also rose by 0.93 percent in August 2019, down by 0.03 from the rate  recorded in July 2019 (0.96) percent. 

The corresponding twelve-month year-on-year average percentage change for the urban index is 11.62 percent in August 2019. This is less than 11.64 percent reported in July 2019, while the corresponding rural inflation rate in August 2019 is 10.95 percent compared to 10.97 percent recorded in July 2019. 


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Food Index

The composite food index rose by 13.17 percent in August 2019 compared to 13.39 percent in July 2019. 

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

On month-on-month basis, the food sub-index increased by 1.22 percent in August 2019, down by 0.04 percent points from 1.26 percent recorded in July 2019.  

The average annual rate of change of the Food sub-index for the twelve-month period ending August 2019 over the previous twelve-month average was 13.458 percent, 0.002  percent points from the average annual rate of change recorded in July 2019 (13.460) percent.


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All Items Less Farm Produce

Given the continuous stability in the exchange rates, the "All items less farm produce" or Core inflation, which excludes the prices of volatile agricultural produce stood at 8.68  percent in August 2019, down by 0.12 percent when compared with 8.80 percent recorded in July 2019. 

On month-on-month basis, the core sub-index increased by 0.67 percent in August 2019. This was down by 0.1 percent when compared with 0.77 percent recorded in July 2019.

The highest increases were recorded in prices of Cleaning, Repair and hire of clothing, Repair of household appliances, Hospital services, Glassware, tableware and household utensils, Passenger transport by air and repair and hire of footwear. 

The average 12-month annual rate of change of the index was 9.41 percent for the twelve-month period ending August 2019; this is 0.11 percent points lower than 9.52 percent recorded in July 2019.

 

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 August 2019, all items inflation on year on year basis was highest in Kebbi (14.97%), Kano (13.24%) and Bauchi (13.00%), while Cross River (8.97%),  Delta (8.63%) and Kwara (8.32%) recorded the slowest rise in headline Year on Year inflation. 

On month on month basis however, August  2019 all items inflation was highest in Ebonyi (1.59%),Bayelsa (1.59%) and Ogun (1.52%), while Niger (0.29%), Kwara (0.28) recorded the slowest rise with Kogi recording price deflation or negative inflation (general decrease in the general price level of goods and services or a negative inflation rate).


Food Inflation

In August 2019, food inflation on a year on year basis was highest in Kebbi (17.20%), Kano (16.08%) and Adamawa (15.95%), while Bayelsa (10.22%), Katsina (9.64%) and Kogi (8.97%) recorded the slowest rise. 

On month on month basis however, August 2019 food inflation was highest in Akwa Ibom (2.56%),Enugu (2.37%) and Ogun (2.17%), while Kogi (0.09%), Benue (0.05%) and Delta (0.03%) recorded the slowest rise.

 

Click Here to Download August 2019 CPI PDF Report


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Latest 2019 NBS Reports 

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Q3 2019

  1. Merchandise Trade Increased Significantly YoY But Marginally Over Q1 2019, Driven By Higher Imports
  2. Active Voice Subscribers Grew By 0.18% In Q2 2019 - NBS
  3. Total Value Of Capital Importation Stood At $5,820.21m In Q2 2019 - NBS
  4. Nigeria's GDP Grew By 1.94% YoY In Real Terms In Q2 2019 - NBS
  5. FAAC Disburses N762.6bn in July 2019 - NBS
  6. FAAC Disburses N679.7bn in June 2019 - NBS
  7. N311.94bn Generated As VAT in Q2 2019 - NBS
  8. Average Fare Paid By Commuters For Intercity Journey Increased By 0.76% MoM in July 2019
  9. Average Prices of 1kg of Tomato Decreased YoY By -39.74% to N203.55 in July 2019 - NBS
  10. Average Prices of PMS, AGO, HHK and Cooking Gas – July 2019
  11. Headline Inflation Increases By 11.08% YoY in July 2019; 0.14% Lower Than June 2019 Rate
  12. 5.61bn Litres of PMS Imported into Nigeria in Q2 2019 - NBS
  13. Average Fare Paid For Bus Journey Inter City Increased By 0.17% MoM to N1,606.92 in June 2019 - NBS
  14. Average Price of 1kg of Tomatoes Decreased By -9.40% MoM to N226.07 in June 2019 - NBS
  15. Nigeria’s Total Public Debt Stood At N24.97trn in Q1 2019 - NBS
  16. Average Prices of PMS, AGO, HHK and Cooking Gas – June 2019
  17. Headline Inflation Increases By 11.22% YoY in June 2019; 0.18% Lower Than May 2019 Rate
  18. 1.01m Passport Applications Received in 2018 - NBS
  19. FAAC Disburses N616.20bn in May 2019 - NBS
  20. Total Value of Capital Importation into Nigeria Stood at $8,485.49m in Q1 2019

 

Q2 2019

  1. All Commodity Group Export Price Index Rose By 1.85% In Q1 2019
  2. Average Price of 1kg of Rice Increased By 1.07% MoM to N361.39 in May 2019 - NBS
  3. Average Prices of PMS, AGO, HHK and Cooking Gas – May 2019
  4. Headline Inflation Increases By 11.40% YoY in May 2019; 0.03% Higher Than April 2019 Rate
  5. 8.57m Workers Are Registered Under The Pension Scheme As At Q1 2019 - NBS
  6. Nigeria’s Merchandise Trade Grew Marginally By 2.50% QoQ in Q1 2019
  7. Banking Sector Records 557.08m Volume of Transactions in Q1 2019 - NBS
  8. 723,995 Passengers Travelled Via Rail in Q1 2019 - NBS
  9. NBS Publishes Additional 11 States Nominal GDP From 2013 to 2017
  10. N289.04bn Generated as VAT in Q1 2019 - NBS
  11. 4.87bn Litres of PMS Imported in Q1 2019 - NBS
  12. FAAC Disburses N617.57bn in April 2019 - NBS
  13. Average Price of 1kg of Tomato Increased by 7.05% MoM to N257.25 in April 2019 - NBS
  14. Average Fare For Bus Journey Intercity Increased By 0.77% MoM to N1604.36 in April 2019 - NBS
  15. Nigeria’s GDP Grew By 2.01% YoY In Real Terms In Q1 2019
  16. Headline Inflation Increases By 11.37% YoY in April 2019; 0.12% Higher Than March 2019 Rate
  17. Average Prices of PMS, AGO, HHK and Cooking Gas – April 2019
  18. N3.42m Students Enrolled in Public Senior Secondary School in 2017 - NBS
  19. N324.59bn Generated as IGR in Q4 2018 - NBS
  20. Akwa Ibom State Reports Highest Unemployment Rate of 37.7% in Q3 2018 - NBS
  21. 316,365kg of Drug Seized in 2018 - NBS
  22. Average Price of 1kg of Tomato Decreased By 6.32% MoM to N240.29 in March 2019 - NBS
  23. Average Fare Paid By Commuters Intercity Increased By 2.85% MoM to N1,592.07 in March 2019 - NBS
  24. Headline Inflation Increases By 11.25% YoY in March 2019; 0.06% Lower Than February 2019 Rate
  25. Average Prices of PMS, AGO, HHK and Cooking Gas – March 2019
  26. FAAC Disburses N619.86bn in March 2019
  27. Domestic Passenger Traffic Grew By 23.19% YoY in 2018 - NBS
  28. Lagos State Has The Highest Debt Profile in 2018 - NBS
  29. 1.65m Applications Received By JAMB in 2018 - NBS
  30. FAAC Disburses N660.37bn in February 2019
  31. Nigeria Produced 55.81m Tonnes of Solid Minerals in 2018 - NBS

 

Q1 2019

  1. 8.41m Workers Are Registered Under The Pension Scheme As At Q42018 - NBS
  2. Average Price of 1kg of Yam Tuber Decreased By -2.24% MoM to N206.48 in February 2019 - NBS
  3. All Region Terms of Trade Fell -2.78% Due to a Fall in the Prices of Goods Traded in Africa - NBS
  4. Average Fare Paid By Commuters Within City Increased By 1.43% MoM to N177.57 in February 2019 - NBS
  5. Headline Inflation Increases By 11.31% YoY in February 2019; 0.06% Lower Than January 2019 Rate
  6. Average Prices of PMS, AGO, HHK and Cooking Gas – February 2019
  7. Active Voice Subscribers Grew By 6.66% in Q4 2018 - NBS
  8. 2,532 Road Traffic Crashes Occurred in Q4 2018 - NBS
  9. Total Trade Declined By 5.1% QoQ in Q4 2018; Rose By 42.9% YoY
  10. GDP By Income and Expenditure Approach Q1 and Q2 2018 - Household Final Consumption Grew by 0.78%
  11. 1.67m Customers Metered As At Q4 2018 - NBS
  12. N298.01bn Generated as VAT in Q4 2018 - NBS
  13. Total Value of Credit Allocated By Banks Stood At N15.13trn As At Q4 2018 - NBS
  14. Average Price of 1kg of Tomato Decreased By 2.39% YoY To N265.49 in January 2019 - NBS
  15. FAAC Disburses N649.19bn in January 2019
  16. Average Intercity Bus Fare Decreased By -13.90% MoM To N1,541.38 in January 2019
  17. Headline Inflation Increases By 11.37% YoY in January 2019; 0.07% Lower Than December 2018 Rate
  18. Average Prices of PMS, AGO, HHK and Cooking Gas – January 2019
  19. Total Value of Capital Importation into Nigeria Stood at $16,812.47m in 2018 – NBS
  20. Nigeria’s GDP Grew By 2.38% YoY in Real Terms in Q4 2018 and 1.93% in Full Year
  21. 828,502 Employees Employed By 1,110 Registered Private Guard Companies in 2018 - NBS
  22. States Generate N264.38bn as IGR in Q3 2018 - NBS
  23. NBS Publishes Drug Use in Nigeria 2018 Survey Report
  24. FAAC Disburses N3.19trn To FG in 2018 - NBS
  25. FAAC Disburses N2.38trn To FG in 2017 - NBS
  26. FAAC Disburses N812.76bn in December 2018 - NBS
  27. Average Price of 1kg of Tomato Decreased By -7.76% MoM To N294.36
  28. Average Within City Bus Journey Fare Decreased By -5.64% MoM To N181.61
  29. Headline Inflation Increases By 11.44% YoY in December 2018; 0.16% Higher Than November 2018 Rate
  30. Average Prices of PMS, AGO, HHK and Cooking Gas – December 2018





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