Headline Inflation Increases By 11.61% YoY In October 2019; 0.36% Higher Than September 2019 Rate

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Monday, November 18, 2019  09:00AM / NBS/ Header Image Credit:  NBS

 

All Items Index

The consumer price index, (CPI) which measures inflation rose by 11.61 percent (year-on-year) in October 2019. This is 0.36 percentage points higher than the rate recorded in September 2019 (11.24 percent).


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

 

On month-on-month basis, the Headline index increased by 1.07 percent in October 2019, or 0.03 percentage points higher than the rate recorded in September 2019 (1.04 percent).


The percentage change in the average composite CPI for the twelve months period ending October 2019 over the average of the CPI for the previous twelve months period was 11.30 percent, showing 0.03 percentage point increase from 11.27 percent recorded in September 2019.

 

The urban inflation rate stood at 12.20 percent (year-on-year) in October 2019 from 11.78 percent recorded in September 2019, while the rural inflation rate was recorded at 11.07 percent in October 2019 from 10.77 percent in September 2019.

 

On a month-on-month basis, the urban index rose by 1.15 percent in October 2019, up by 0.02 percentage points from 1.13 percent recorded in September 2019, while the rural index rose by 0.99 percent in October 2019, up by 0.03 percentage points from the rate recorded in September 2019 (0.96 percent).

 

The corresponding twelve-month year-on-year average percentage change for the urban index was 11.68 percent in October 2019. This is higher than 11.63 percent reported in September 2019, while the corresponding rural inflation rate in October 2019 was 10.95 percent compared to 10.94 percent recorded in September 2019.

 


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Food Index

On a year on year basis, the composite food index rose by 14.09 percent in October 2019 compared to 13.51 percent in September 2019.

 

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

 

On a month-on-month basis, the food sub-index increased by 1.33 percent in October 2019, up by 0.03 percentage points from 1.30 percent recorded in September 2019. 

 

The average annual rate of change of the Food sub-index for the twelve-month period ending October 2019 over the previous twelve-month average was 13.54 percent, equivalent to 0.07  percentage points higher than the average annual rate of change recorded in September 2019 (13.47 percent).

 

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All Items Less Farm Produce

The "All items less farm produce" or Core inflation rate, which excludes the prices of volatile agricultural produce stood at 8.88  percent in October 2019 on a year-on-year basis, slower by -0.07 percentage points when compared with 8.94 percent recorded in September 2019.

 

On month-on-month basis, the core sub-index increased by 0.74 percent in October 2019, or -0.15 percentage points slower than the rate recorded in September 2019 (0.89 percent).

 

The highest increases were recorded in prices of Cleaning, Repair and hire of clothing, Hospital services, Major household appliances, Repair of household appliance, Glassware, tableware and household utensils, and Garments.  

 

The average 12-month annual rate of change of the index was 9.25 percent for the twelve-month period ending October 2019; this is -0.08 percentage points slower than 9.34 percent recorded in September 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 direct interstate comparisons of consumption baskets potentially misleading and inadvisable.

 

All Items Inflation

In October 2019, all items inflation rate, on year on year basis was highest in Kebbi (15.20%), Bauchi (13.97%) and Ondo (13.74%), while Kwara (9.69%), Katsina (9.29%) and Bayelsa (9.07%) recorded the slowest rise in headline year on year inflation rate.


On month on month basis however, October 2019 All items inflation rate was highest in Benue (2.20%), Bauchi (1.87%) and Cross River (1.80%). Anambra recorded the slowest rise at 0.28%, while Bayelsa and Ebonyi saw decline in the headline month on month index by -0.13% and -0.35% respectively.

 

Food Inflation

In October 2019, food inflation rate on a year on year basis was highest in Kebbi (17.53%), Ondo (17.01%) and Ogun (17.00%), while Kogi (12.12%), Katsina (11.18%) and Bayelsa (9.55%) recorded the slowest rise.


On month on month basis however, October 2019 food inflation rate was highest in Oyo (2.56%), Osun (2.52%) and Lagos (2.05%) while Enugu (0.24%) and Abuja (0.14%) saw the slowest increases in month on month food inflation rate. Bayelsa, at -0.35%, recorded price deflation or negative inflation (that is, a decrease in the general price level of food or a negative food inflation rate).

 

Click Here to Download October 2019 CPI PDF Report


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Latest 2019 NBS Reports

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Q4 2019

  1. 5.09bn Litres of PMS Imported Into Nigeria in Q3 2019 - NBS
  2. FAAC Disburses N693.52bn in October 2019 - NBS
  3. FAAC Disburses N740.87bn in September 2019 - NBS
  4. Nigeria's Total Public Debt Stood At N25.70trn in Q2 2019 - NBS
  5. Average Price of 1kg of Rice Increased By 4.07% MoM to N371.13 in September 2019 - NBS
  6. Average Fare For Intercity Journey Increased By 0.15% MoM in September 2019 - NBS
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  8. GDP By Income and Expenditure Approach Q1 2019 - Household Final Consumption Exp. Grew by 1.41%
  9. Headline Inflation Increases By 11.24% YoY In September 2019; 0.22% Higher Than August 2019 Rate
  10. N691.11bn Generated As IGR in H1 2019
  11. All Products Terms Of Trade Index Increased By 1.27% in Q2 2019

 


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Q3 2019

  1. Banking Sector Records 711.29m Volume Of Transactions in Q2 2019 - NBS
  2. FAAC Disburses N769.53bn in August 2019 - NBS
  3. 1.57m Candidates Sat For WAEC In Public Schools in 2018 - NBS
  4. Average Price Of 1kg of Rice Increases By 0.14% MoM To N356.61 In August 2019
  5. Average Fare Paid For Intercity Journey Increases By 0.35% MoM To N1,624.76 In August 2019
  6. Average Prices Of PMS, AGO, HHK and Cooking Gas - August 2019
  7. Headline Inflation Increases By 11.02% YoY In August 2019; 0.06% Lower Than July 2019 Rate
  8. Merchandise Trade Increased Significantly YoY But Marginally Over Q1 2019, Driven By Higher Imports
  9. Active Voice Subscribers Grew By 0.18% In Q2 2019 - NBS
  10. Total Value Of Capital Importation Stood At $5,820.21m In Q2 2019 - NBS
  11. Nigeria's GDP Grew By 1.94% YoY In Real Terms In Q2 2019 - NBS
  12. FAAC Disburses N762.6bn in July 2019 - NBS
  13. FAAC Disburses N679.7bn in June 2019 - NBS
  14. N311.94bn Generated As VAT in Q2 2019 - NBS
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  16. Average Prices of 1kg of Tomato Decreased YoY By -39.74% to N203.55 in July 2019 - NBS
  17. Average Prices of PMS, AGO, HHK and Cooking Gas - July 2019
  18. Headline Inflation Increases By 11.08% YoY in July 2019; 0.14% Lower Than June 2019 Rate
  19. 5.61bn Litres of PMS Imported into Nigeria in Q2 2019 - NBS
  20. Average Fare Paid For Bus Journey Inter City Increased By 0.17% MoM to N1,606.92 in June 2019 - NBS
  21. Average Price of 1kg of Tomatoes Decreased By -9.40% MoM to N226.07 in June 2019 - NBS
  22. Nigeria's Total Public Debt Stood At N24.97trn in Q1 2019 - NBS
  23. Average Prices of PMS, AGO, HHK and Cooking Gas - June 2019
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  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
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  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
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  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
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  25. Average Prices of PMS, AGO, HHK and Cooking Gas - March 2019
  26. FAAC Disburses N619.86bn in March 2019
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  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
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  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
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  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
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  24. FAAC Disburses N3.19trn To FG in 2018 - NBS
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  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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