Headline Inflation Increases By 13.22% YoY In August 2020; 0.40% Higher Than July 2020 Rate

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Tuesday, September 15, 2020  08:30 AM / by NBS/ Header Image Credit:  NBS

 

All Item Index

The consumer price index, (CPI) which measures inflation increased by 13.22 percent (year-on-year) in August 2020. This is 0.40 percent points higher than the rate recorded in July 2020 (12.82 percent).


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

 

On a month-on-month basis, the Headline index increased by 1.34 percent in August 2020. This is 0.09 percent higher than the rate recorded in July 2020 (1.25 percent).

 

The percentage change in the average composite CPI for the twelve months period ending August 2020 over the average of the CPI for the previous twelve months period was 12.23 percent, representing a 0.18 percent point rise from 12.05 percent recorded in July 2020.

 

The urban inflation rate increased by 13.83 percent (year-on-year) in August 2020 from 13.40 percent recorded in July 2020, while the rural inflation rate increased by 12.65 percent in August 2020 from 12.28 percent in July 2020.

 

On a month-on-month basis, the urban index rose by 1.42 percent in August 2020, up by 0.15 from 1.27 percent recorded in July 2020, while the rural index also rose by 1.27 percent in August 2020, up by 0.04 from the rate recorded in July 2020 (1.23 percent).

 

The corresponding twelve-month year-on-year average percentage change for the urban index was 12.85 percent in August 2020. This is higher than 12.66 percent reported in July 2020, while the corresponding rural inflation rate in August 2020 was 11.66 percent compared to 11.49 percent recorded in July 2020.

 


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Food Index

The composite food index rose by 16.00 percent in August 2020 compared to 15.48 percent in July 2020.

 

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

 

On month-on-month basis, the food sub-index increased by 1.67 percent in August 2020, up by 0.15 percent points from 1.52 percent recorded in July 2020. 

 

The average annual rate of change of the Food sub-index for the twelve-month period ending August 2020 over the previous twelve-month average was 14.87   percent, representing a 0.24 percent points increase from the average annual rate of change recorded in July 2020 (14.63 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 10.52 percent in August 2020, up by 0.42 percent when compared with 10.10 percent recorded in July 2020.

 

On month-on-month basis, the core sub-index increased by 1.05 percent in August 2020. This was up by 0.30 percent when compared with 0.75 percent recorded in July 2020.

 

The highest increases were recorded in prices of Passenger transport by air, Hospital services, Medical services, Pharmaceutical products, Maintenance and repair of personal transport equipment, Vehicle spare parts, Motor cars, Passenger transport by road, Miscellaneous services relating to the dwelling, Repair of furniture and Paramedical services.

 

The average 12-month annual rate of change of the index was 9.64 percent for the twelve-month period ending August 2020.  This is 0.16 percent points higher than 9.48 percent recorded in July 2020.

 

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 2020, all items index on year on year basis was highest in Kogi (17.29%), Bauchi (15.77%) and Ebonyi and Yobe (14.71%), while Lagos (11.45%), Kwara (11.22%) and Abuja (11.17%) recorded the slowest rise in headline Year on Year inflation.

On month on month basis however, all items inflation was highest in Ondo (2.20%), Ogun (2.07%) and Abia (1.87%), while Plateau (0.72%), Zamfara (0.60%) and Sokoto (0.54%) recorded the slowest rise in headline month on month inflation.

 

Food Inflation

In August 2020, food inflation on a year on year basis was highest in Kogi (22.03%), Kwara (19.11%) and Edo (17.95%), while Gombe (14.33%), Kano (13.99%) and Bauchi (13.42%) recorded the slowest rise.

On month on month basis however, food inflation was highest in Ogun (3.27%), Lagos (3.13%) and Abia (2.81%), while Plateau (0.67%), Zamfara (0.24%) and Sokoto (0.13%), recorded the slowest rise.

 

Click Here to Download August 2020 CPI PDF Report

 

Latest 2020 NBS Reports

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Q3 2020

1.      Nigeria's Total Public Debt Stood At N31.01trn in Q2 2020 - NBS

2.     Banking Sector Records 2.16bn Volume of Transaction in Q2 2020 - NBS

3.     FAAC Disburses N547.31bn in June 2020 - NBS

4.     Nigeria's Merchandise Trade Falls Steeply in Q2 2020 Due to Sharp Drop in Exports

5.     FAAC Disburses N606.19bn in May 2020 - NBS

6.     Total Value of Capital Imported into Nigeria Stood At $1,294.94m in Q2 2020 - NBS

7.     612,547kg of Drugs Seized in 2019 - NBS

8.     Nigeria's GDP Contracts by -6.10% YoY in Real Terms in Q2 2020 - NBS

9.     Average Price of 1kg of Tomato Increased By 3.24% MoM in July 2020 - NBS

10.  Average Fare Paid By Commuters for Motorcycle Journey Increased By 9.06% MoM in July 2020

11.  Average Prices of PMS, AGO, HHK and Cooking Gas - July 2020

12.  Headline Inflation Increases By 12.82% YoY In July 2020; 0.26% Higher Than June 2020 Rate

13.  Nigeria's Unemployment Rate Moves Up to 27.1% in Q2 2020 from 23.1% in Q3 2018 - NBS

14.  N651.77bn Generated as VAT in H1 2020 - NBS

15.  Average Prices of 1kg of Tomato Increased By 30.25% YoY in June 2020 - NBS

16.  Average Fare for Bus Journey Within City Increased By 3.36% MoM to N229.94 in June 2020 - NBS

17.  Average Prices of PMS, AGO, HHK and Cooking Gas - June 2020

18.  Headline Inflation Increases By 12.56% YoY In June 2020; 0.16% Higher Than May 2020 Rate

19.  Nigeria's Total Public Debt Stood At N28.63trn in Q1 2020 - NBS

20.  NBS Publishes National Living Standard Survey 2018-19 Report

21.  Active Voice Subscription Grew By 2.48% in Q1 2020 - NBS

 

Q2 2020

  1. 5.26bn Litres of PMS Imported Into Nigeria in Q1 2020 - NBS
  2. All Commodity Group Import Index Decreased By 0.84% in Q1 2020
  3. Average Price of 1kg of Rice Increased By 28.18% YoY in May 2020 - NBS
  4. Average Fare Paid By Commuters for Bus Journey Within City Decreased By -0.56% MoM in May 2020 - NBS
  5. Average Prices of PMS, AGO, HHK and Cooking Gas - May 2020
  6. Headline Inflation Increases By 12.40% YoY In May 2020; 0.06% Higher Than April 2020 Rate
  7. Nigeria's Merchandise Trade Slowed in Q1 2020 Due to Declines in Both Imports and Exports
  8. 11,072 Road Traffic Crashes Occurred in 2019 - NBS
  9. FAAC Disburses N780.93bn in April 2020 - NBS
  10. FAAC Disburses N581.57bn in March 2020 - NBS
  11. Average Price of 1kg of Rice Increased MoM By 7.56% in April 2020 - NBS
  12. Average Air Passengers Fare Was Flat MoM in April 2020 - NBS
  13. Total Value of Capital Importation into Nigeria Stood At $5,854.38m in Q1 2020 - NBS
  14. Nigeria's GDP Grew By 1.87% YoY in Real Terms in Q1 2020
  15. Average Prices of PMS, AGO, HHK and Cooking Gas - April 2020
  16. N1.33trn Generated As IGR in 2019 - NBS
  17. Headline Inflation Increases By 12.34% YoY In April 2020; 0.08% Higher Than March 2020 Rate
  18. 20.89bn Litres of PMS Imported Into Nigeria in 2019 - NBS
  19. N338.94bn Generated As VAT in Q1 2020 - NBS
  20. Total Household Expenditure on Food and Non-food Was Put At N40.21bn in 2019 - NBS
  21. Poverty and Inequality in Nigeria 2019: 40% of Total Population Classified as Poor
  22. GDP By Income and Expenditure Approach Q4 2019 - Household Final Consumption Declined by -2.40%
  23. Average Price of 1kg of Rice Increased By 21% YoY to N438.66 In March 2020
  24. Average Transport Fare Paid By Commuters Within City Increased By 1.89% MoM in March 2020
  25. Average Prices of PMS, AGO, HHK and Cooking Gas - March 2020
  26. Headline Inflation Increases By 12.26% YoY In March 2020; 0.06% Higher Than February 2020 Rate
  27. Nigeria's Total Public Debt Stood At N27.40trn in Q4 2019 - NBS
  28. FAAC Disburses N647.35bn in February 2020 - NBS

 

Q1 2020

  1. Banking Sector Records 893.68m Volume of Transaction in Q4 2019 - NBS
  2. Active Voice Subscription Grew By 3.08% in Q4 2019 - NBS
  3. All Commodity Group Import Index Fell by 3.27% Due Mainly to Declines in the Prices of Goods
  4. Average Prices of 1kg of Tomato Decreased By -10.65% YoY to N237.22 in Jan 2020 - NBS
  5. Average Fare Paid By Commuters For Bus Journey Intercity Increased By 0.91% MoM in February 2020
  6. Average Prices Of PMS, AGO, HHK and Cooking Gas - February 2020
  7. Headline Inflation Increases By 12.20% YoY In February 2020; 0.07% Higher Than January 2020 Rate
  8. FAAC Disburses N716.30bn in January 2020 - NBS
  9. FAAC Disburses N2.93trn to FG in 2019 - NBS
  10. Total Value of Capital Imported in Q4 2019 Stood At $3,802.38m - NBS
  11. FAAC Disburses N650.83bn in December 2019 - NBS
  12. Nigeria's Merchandise Trade Grew in Q4 2019; Imports Rose Faster Exceeding Falling Exports
  13. Nigeria's GDP Grew By 2.55% in Real Terms in Q4 2019 and 2.27% in Full Year 2019
  14. Average Prices of 1kg of Tomato Decreased By -10.65% YoY to N237.22 in Jan 2020 - NBS
  15. Average Prices Of PMS, AGO, HHK and Cooking Gas - January 2020
  16. Headline Inflation Increases By 12.13% YoY In January 2020; 0.15% Higher Than December 2019 Rate
  17. N293.80bn Generated as IGR in Q3 2019 - NBS
  18. Nigeria's Total Public Debt Stood At N26.14trn in Q3 2019 - NBS
  19. Average Intercity Fare Increases By 1.43% MoM To N1, 666.57 In December 2019
  20. Average Price of 1kg of Tomato Decrease YoY by -2.80% To N263.90 In December 2019
  21. All Commodity Group Index Grew By 2.48% in Q3 2019
  22. Average Prices Of PMS, AGO, HHK and Cooking Gas - December 2019
  23. Headline Inflation Increases By 11.98% YoY In December 2019; 0.13% Higher Than November 2019 Rate

 

 

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