The National Bureau of Statistics (NBS), on Wednesday reported a marginal improvement in the nation’s inflation figures, which stood at 8.0 per cent at the end of September, from 8.2 per cent in the preceding month.
Consumer Price Index (CPI), which measures inflation, according to a statement by Dr. Yemi Kale, Statistician General of the Federation and chief executive of the NBS, noted that the “year-on-year rate for the headline index continues to trend downwards from the 9.0 percent recorded in January 2013.”
For the September improvement was the second in two consecutive month, after a slight uptick in July, adding that the improvement resulted largely from “a slower rate of increase in food prices as the recent harvest season continues to constrain rising food prices. Compared to August, prices trended lower in most food classes except for the dairy products (milk, eggs and cheese), and oils and fats classes.”
Dr. Kale however noted that the rate of improvement could have been better, but for “moderations in the “housing, water, electricity, gas and other fuels” division as well as the “Furnishings, Household Equipment and Household Maintenance” division.”
In September, the Headline index increased by 0.75 per cent month on month, an increase of 0.5 percentage points from 0.25 per cent recorded in August. This was the first uptick in the CPI on a monthly basis in four months.
The Urban composite CPI was recorded at 147.9 points in September, an 8.0 percent increase from levels recorded in September 2012. This was also 0.4 percentage points lower than the 8.4 per cent recorded in August. The corresponding Rural National CPI recorded an 8.0 per cent year-on-year change in September, marginally lower from the 8.1 per cent recorded in August.
On a month-on-month basis, the Urban All-items index increased by 0.8 per cent in September; up by 0.5 percentage points, from the 0.3 percent recorded in August, while the Rural All Items index increased by 0.74 percent up from 0.2 per cent recorded in August.
The percentage change in the average Composite CPI for the twelve-month period ending in September 2013 over the average of the CPI for the previous twelve-month period was recorded at 9.5 per cent, lower than the average twelve month rate of change of 9.8 percent recorded in August. The corresponding 12-month year-on-year average percentage change for the urban index was 10.4 per cent, while the corresponding Rural index was recorded at 8.8 percent.
The rate of increase in food prices, the NBS continued, “moderated for the second consecutive month in September as produce from the on- going harvest continues to put downward pressure on the Food Sub-index. The rate recorded in September was 9.4 percent, 0.3 percentage points lower than 9.7 per cent recorded in August.”
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