September 2018, Nigerian Inflation:5 Key Takeaways


Wednesday, October 17, 2018 1.00PM / Bukola Akinyele, Proshare WebTV


The consumer price index, (CPI) latest report in September 2018 increased by 11.28 percent in which 0.05 points higher than the rate recorded in August 2018 (11.23) percent. 

In this article we highlight 5 key takeaways from the Nigerian September, 2018 Headline Inflation; 

A Consecutive Increase in CPI

From the analysis, the September 2018 inflation figure showed a second consecutive increase in the inflation rate, first August(11.23%), and September (11.28%) 

Urban & Rural Inflation Increase

The urban inflation rate increased by 11.70 percent [year-on- year] in September 2018 from 11.67 percent recorded in August 2018, while the rural inflation rate increased by 10.92 percent in September 2018 from 10.84 percent in August 2018. 

On a month-on-month basis, the urban index rose by 0.86 percent in September 2018, down by 0.14 from 1.00 percent recorded in August, while the rural index also rose by 0.82 percent in September 2018, down by 0.14 percent from the rate recorded in August 2018 [0.96] percent. 

The corresponding twelve-month year-on-year average percentage change for the urban index is 13.58 percent in September 2018. This is less than 13.95 percent reported in August 2018, while the corresponding rural inflation rate September 2018 is 12.80 percent compared to 13.21 percent recorded in August 2018.


Rise in Food Index Inflation

The composite food index rose by 13.31% in September 2018 compared to 13.16% in August 2018. This rise in the food index was caused by increases in prices of  potatoes, yams and other tubers, vegetables, fruits, meat, milk, cheese and egg, bread and cereals and fish. 

On month-on-month basis, the food sub-index increased by 1.00% in September 2018, down by 0.42% points from 1.42% recorded in August. 

States Profile on Inflation

In September 2018, all items inflation on year on year basis was highest in Kaduna (12.93%), Ebonyi (12.86%) and Bayelsa (12.83%), while Cross River (8.42%), Plateau (8.77%) and Ogun (9.22%) recorded the slowest rise in headline Year on Year inflation. 

In September 2018, food inflation on a year on year basis was highest in Kwara  (17.17%), Bayelsa (16.62%) and Abuja (15.70%), while Plateau (8.82%), Abia (10.10%) and Ogun (11.11%) recorded the slowest rise in food inflation. 

Still Within the 2018 FGN Inflation Target

At 11.28% the September, 2018 inflation rate is still within the 2018 Federal Government target pegged at 12.4%. With less than three months to the end of year, it will be interesting to see how it closes in December.

 Proshare Nigeria Pvt. Ltd.

Related News

1.      Headline Inflation Increased by 11.28% in September 2018; 0.05 Higher Than August 2018 Rate

2.      Average Prices of PMS, AGO, HHK and Cooking Gas – September 2018

3.      NBS Publishes 2016 Human Development Indices for UNDP Nigeria Human Development Report

4.      730,289 Passengers Travelled via Rail in Q2 2018 - NBS

5.      All Region Terms of Trade Index Rose by 9% Driven by Mineral Products - NBS

6.      FAAC Disburses N714.81bn in August 2018 - NBS

7.       Lagos State Accounts for 34.17% of Foreign Debt As At June 2018 - NBS

8.     Average Price of 1kg of Rice Decreased by 2.43% MoM to N375.02 in August 2018 - NBS

9.      Average Fare Paid by Commuters For Bus Journey Within City Increased by 9.80% MoM in Aug 2018 - NBS



Related News