Headline Inflation Increases by 16.63% YoY in September 2021, 0.38% Lower Than August 2021 Rate

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Friday, October 15, 2021 / 02:20 PM / by NBS / Header Image Credit: NBS


All Items Index

The Consumer Price Index, (CPI) which measures inflation increased by 16.63 percent (year-on-year) in September 2021. This is 0.38 percent points lower than the rate recorded in  August 2021 (17.01) percent.

 

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

 

On a month-on-month basis, the Headline Index increased by 1.15 percent in September 2021, this is 0.13 percent rate higher than the rate recorded in August 2021 (1.02) percent.

 

The percentage change in the average composite CPI for the twelve-month period ending September 2021 over the average of the CPI for the previous twelve-month period was 16.83 percent, showing 0.23 percent point from 16.60 percent recorded in July 2021.

 

The Urban Inflation rate increased by 17.19 percent (year-on-year) in September 2021 from 17.59 percent recorded in August 2021, while the Rural Inflation rate increased by 16.08 percent in September 2021 from 16.45 percent in August 2021.

 

On a month-on-month basis, the Urban Index rose by 1.21 percent in September 2021, up by 0.15 the rate recorded in August 2021 (1.06), while the Rural Index also rose by 1.10 percent in September 2021, up by 0.11 the rate that was recorded in August 2021 (0.99) percent.


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Food Index

The Composite Food Index rose by 19.57 percent in September 2021 compared to 20.30 percent in August 2021.

 

This rise in the food index was caused by increases in prices of oils and fats, bread and cereals, food product N.E.C., fish, coffee, tea and cocoa, potatoes, yam and other tuber and milk, cheese and egg.

 

On month-on-month basis, the food sub-index increased by 1.26 percent in September 2021, up by 0.20 percent points from 1.06 percent recorded in August 2021.

 

The average annual rate of change of the Food sub-index for the twelve-month period ending September 2021 over the previous twelve-month average was 20.71 percent, 0.21 percent points from the average annual rate of change recorded in August 2021 (20.50) percent.

 

All Items Less Farm Produce

The "All items less farm produce" or Core inflation, which excludes the prices of volatile agricultural produce stood at 13.74 percent in September 2021, up by 0.33 percent when compared with 13.41 percent recorded in August 2021.

 

On a month-on-month basis, the core sub-index increased by 1.24 percent in September 2021. This was up by 0.47 percent when compared with 0.77 percent recorded in August 2021.

 

The highest increases were recorded in prices of gas, household textile, garments, motor car, game of chance, major household appliances whether electric or not, passenger transport by air, hospital services, other services in respect personal transport equipment, wine, clothing materials, other articles of clothing and clothing accessories, non-durable household goods.

 

The average twelve-month annual rate of change of the index was 12.55 percent for the twelve-month period ending September 2021; this is 0.26 percent points higher than 12.29 percent recorded in August 2021.

 

State Profile

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.


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All Items Inflation

In September 2021, All Items Inflation on a year-on-year basis was highest in Kogi (20.82), Gombe (19.09%), and Oyo (19.07%), while Yobe (14.96%), Edo (14.85%), and Kwara (13.70%) recorded the slowest rise in Headline Inflation (year-on-year).

 

On a month-on-month basis, however, in September 2021, Ebonyi (3.42%), Kano (2.41%) and Rivers (1.88%) recorded the slowest rise with Zamfara, Benue and Cross River recording price deflation or negative inflation (general decrease in the prices of goods and services or a negative inflation rate).

 

Food Inflation

In September 2021, Food Inflation on a year-on-year basis was highest in Kogi (26.63%), Oyo (22.40%) and Gombe (22.16%), while Bauchi (16.35%), Yobe (16.33%) and River (15.97%) recorded the slowest

rise in year-on-year Food Inflation.

 

On month-on-month basis however, September 2021 Food Inflation was highest in Kaduna (2.22%), Kano (2.17%) and Anambra (2.15%), while Benue (0.23%) and Kebbi (0.09%) recorded the slowest rise with Zamfara recording price deflation or negative inflation (general decrease in the general price level of food or a negative Food Inflation rate).

 

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