Headline Inflation Increases by 17.38% YoY in July 2021, 0.37% Lower Than June 2021 Rate - NBS

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Tuesday, August 17, 2021 12:30 PM / by NBS/ Header Image Credit:  NBS

 

All Item Index

The consumer price index, (CPI) which measures inflation increased by 17.38 percent (year-on-year) in July 2021. This is 0.37 percent points lower than the rate recorded in June 2021 (17.75) percent. (This implies that prices continued to rise in July 2021 but at a slower rise than it did in June 2021).

 

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

 

On month-on-month basis, the Headline index increased by 0.93 percent in July 2021. This was 0.13 percentage points lower than the rate recorded in June 2021 (1.06) percent.


The percentage change in the average composite CPI for the twelve months period ending July 2021 over the average of the CPI for the previous twelve months period was 16.30 percent, showing 0.37 percent point rise from 15.93 percent recorded in June 2021.

 

The urban inflation rate increased by 18.01 percent (year-on-year) in July 2021 from 18.35 percent recorded in June 2021, while the rural inflation rate increased by 16.75 percent in July 2021 from 17.16 percent in June 2021.

 

On a month-on-month basis, the urban index rose by 0.98 percent in July 2021, down by 0.11 points against the rate recorded in June 2021 (1.09 percent), while the rural index also rose by 0.87 percent in July 2021, down by 0.15 points over the rate that was recorded in June 2021 (1.02 percent).

 

The corresponding twelve-month year-on-year average percentage change for the urban index was 16.89 percent in July 2021. This is higher than 16.51 percent reported in July 2021, while the corresponding rural inflation rate in July 2021 was 15.73 percent compared to 15.36 percent recorded in June 2021.


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Food Index

The composite food index rose by 21.03 percent in July 2021 compared to 21.83 percent in June 2021. (This implies that food prices continued to rise in July 2021 but at a slower speed than it did in June 2021.)

 

This rise in the food index was caused by increases in prices of Milk, Cheese and Eggs, Coffee, Tea and Cocoa, Vegetables, Bread and Cereals, Soft drinks, and Meat

 

On month-on-month basis, the food sub-index increased by 0.86 percent in July 2021, down by 0.25 percent points from 1.11 percent recorded in June 2021.  

 

The average annual rate of change of the Food sub-index for the twelve-month period ending July 2021 over the previous twelve-month average was 20.16  percent, 0.44  percent points from the average annual rate of change recorded in June 2021 (19.72) 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 13.72 percent in July 2021, up by 0.63 percent when compared with 13.09 percent recorded in June 2021.

 

On month-on-month basis, the core sub-index increased by 1.31 percent in July 2021.

 

This was up by 0.50 percent when compared with 0.81 percent recorded in June 2021.

 

The highest increases were recorded in prices of Garments, Shoes and other footwear, Clothing materials, other articles of clothing and clothing accessories, Vehicle spare parts, Major household appliances whether electric or not, Pharmaceutical products, Cleaning, repair and hire of clothing, Furniture and furnishing, Medical services and Hospital services.

 

The average 12-month annual rate of change of the index was 12.05 percent for the twelve-month period ending July 2021; this is 0.29 percent points higher than 11.75 percent recorded in June 2021.

 

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 2021, all items inflation on year on year basis was highest in Kogi (22.49), Bauchi (22.04%) and Kaduna (20.42%), while Akwa Ibom and River (15.78%), Delta (15.40%) and Kwara (14.53%) recorded the slowest rise in headline Year on Year inflation.

 

On month on month basis however, July 2021 all items inflation was highest in Kebbi (2.27%), Yobe (2.19%) and Bauchi (2.03%), while Ebonyi, Akwa Ibom and Bayelsa recorded price deflation or negative inflation (general decrease in the general price level of food or a negative food inflation rate).

 

 Food Inflation

In July 2021, food inflation on a year on year basis was highest in Kogi (28.51%), Enugu (24.57%) and Lagos (24.04%), while Akwa Ibom (17.85%), Bauchi (17.74%) and Abuja (16.67%) recorded the slowest rise in year on year inflation.

 

On month on month basis however, July 2021 food inflation was highest in Kebbi (2.98%), Yobe (2.81) and Delta (1.98%), while Sokoto, Akwa Ibom and Imo recorded price deflation or negative inflation (general decrease in the general price level of food or a negative food inflation rate).


Click Here to Download July 2021 CPI PDF Report


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Latest 2021 NBS Reports

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 Q3 2021

1.      N472.07bn Generated as Company Income Tax in Q2 2021, Increases by 17.42% YoY - NBS

2.     N512.25bn Generated as VAT in Q2 2021, Increases by 3.20% QoQ - NBS

3.     Total Value of Capital Imported into Nigeria in Q2 2021 Declined by 54% QoQ - NBS

4.     Average Fare Paid for Bus Journey Increased by 2.80% MoM in June 2021 - NBS

5.     Average Price of 1kg of Tomato Increased by 13.92% YoY in June 2021 - NBS

6.     Average Prices of PMS, AGO, HHK and Cooking Gas - June 2021

7.     Headline Inflation Increases by 17.75% YoY in June 2021, 0.18% Lower Than May 2021 Rate - NBS

 


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Q2 2021

1.      All Commodity Group Import Index Increased by 0.82% in Q1 2021 - NBS

2.     424,460 Passengers Travelled Via Rail in Q1 2021 - NBS

3.     37.67% of Nigeria's Total Public Debt Was External as of Q1 2021 - NBS

4.     Average Price of 1kg of Rice Increased by 0.65% MoM to N544.09 in May 2021

5.     Average Fare Paid by Passengers for Water Transport Increased by 0.99% MoM to N828.35 in May 2021

6.     Average Prices of PMS, AGO, HHK and Cooking Gas - May 2021

7.     Headline Inflation Increases by 17.93% YoY In May 2021, 0.19% Lower Than April 2021 Rate - NBS

8.     FAAC Disburses N640.31bn in February 2021 - NBS

9.     Active Voice Subscribers Declined by -5.96% QoQ in Q1 2021 - NBS

10.  Nigeria's Merchandise Trade Deficit Deepens in Q1 2021 Due to Rising Imports

11.   Average Prices of 1kg of Tomato Increased by 0.09% YoY in April 2021 - NBS

12.  Average Fare Paid by Commuters for Intercity Bus Journey Increased by 1.48% MoM in April 2021 - NBS

13.  Nigeria's Real GDP Grew by 0.51% YoY in Q1 2021 - NBS

14.  Average Prices of PMS, AGO, HHK and Cooking Gas - April 2021

15.  Headline Inflation Increases by 18.12% YoY In April 2021, 0.05% Lower Than March 2021 Rate - NBS

16.  416 Movies Produced in Q1 2021 - NBS

17.  N392.77bn Generated as CIT in Q1 2021 - NBS

18.  N496.39bn Generated as VAT in Q1 2021 - NBS

19.  Banking Sector Records 3.46bn Volume of Transaction in Q4 2020 - NBS

20. Average Price of 1kg of Tomato Decreased by -0.64% MoM in March 2021 - NBS

21.  Average Fare for Bus Journey Within City Increased by 4.42% MoM in March 2021 - NBS

22. N1.31trn Generated as IGR in 2020 - NBS

23. Headline Inflation Increases by 18.17% YoY In March 2021, 0.82% Higher Than February 2021 Rate - NBS

24. Average Prices of PMS, AGO, HHK and Cooking Gas - March 2021

25. Real Household Consumption Expenditure Growth Rate Stood at 0.18% in 2020 - NBS

26. All Commodity Group Import Index Grew By 0.13% in Q4 2020 - NBS

27. 38.60% of Nigeria's Total Public Debt Was External in Q4 2020 - NBS


 

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Q1 2021

28. Average Price of 1kg of Tomato Increased by 11.33% YoY in February 2021 - NBS

29. Average Fare Paid by Commuters for Intercity Journey Increased by 1.13% MoM in February 2021 - NBS

30. FAAC Disburses N619.34bn in January 2021 - NBS

31.  Average Prices of PMS, AGO, HHK and Cooking Gas - February 2021

32. Active Voice Subscribers Declined by -0.32% QoQ in Q4 2020 - NBS

33. Headline Inflation Increases by 17.33% YoY In February 2021, 0.86% Higher Than January 2021 Rate

34. Nigeria's Unemployment Rate Increases to 33.3% in Q4 2020 from 27.1% in Q2 2020 - NBS

35. Total Trade Higher By 8.9% in Q4 2020, Lower By 10.3% in FY 2020

36. Average Price of 1kg of Tomato Decreased by -6.59% MoM in January 2021

37. Average Prices of PMS, AGO, HHK and Cooking Gas - January 2021

38. Nigeria Exits Recession, Real GDP Grew by 0.11% in Q4 and -1.92% in Full Year 2020

39. Headline Inflation Increases by 16.47% YoY In January 2021, 0.71% Higher Than December 2020 Rate

40. FAAC Disburses N2.49trn to FG and N2.30trn to States in Year 2020 - NBS

41.  FAAC Disburses N601.11bn in December 2020 - NBS

42. FAAC Disburses N604.00bn in November 2020 - NBS

43. Total Value of Capital Importation into Nigeria Stood at US$1,069.68m in Q4 2020 - NBS

44. N295.72bn Generated as Company Income Tax in Q4 2020 - NBS

45. N454.69bn Generated as Value Added Tax in Q4 2020 - NBS

46. Average Price of 1kg of Tomato Increases by 17.51% YoY in December 2020 - NBS

47. Average Air Fare Increases by 18.54% YoY in December 2020 - NBS

48. Average Prices of PMS, AGO, HHK and Cooking Gas - December 2020

49. Headline Inflation Increases by 15.75% YoY In December 2020, 0.86% Higher Than November 2020 Rate

50. 62.18% of Nigeria's Total Public Debt as of Q3 2020 Was Domestic - NBS

51.  Active Voice Subscribers Grew by 4.59% in Q3 2020 - NBS



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