The National Bureau of Statistics (NBS) has put the inflation rate for September 2019 at 11.24%. This is higher than the previous month’s 11.02%.
The National Bureau of Statistics’ (NBS) Consumer Price Index (CPI), that measures inflation increase, has put the inflation rate for September 2019 at 11.24% year-on-year and 1.04% month-on-month.
This is a rise from 3 consecutive declines of 11.02% in August, 11.08% in July, and 11.22% in June.
The increase might be as a result of border closure that has seen a rise in the cost of food items. When the borders were partially shut in August, the price of food items like rice increased from N18,000 to as high as N26,500 for a 50kg bag of rice.
The composite food index (food inflation) rose by 13.51% in September 2019 compared to 13.17% in August 2019. The increase in food inflation was caused by increases in prices of bread and cereals, oils and fats, meat, potatoes, yam and other tubers, fish and vegetables.
Core inflation increased by 8.94% in September, compared to 8.68% in August 2019. Core inflation measures the increase inflation in commodities outside of volatile agricultural produce.
The highest increases were recorded in prices of cleaning, repair and hire of clothing, repair of household appliance, hospital services, major household appliances, glassware, tableware and household utensils, spirits, clothing materials, other articles of clothing accessories, garment and repair and hire of footwear.
In September 2019, Kebbi, Bauchi, and Plateau states had the highest inflation of 14.09%, 13.74%, and 13.25% respectively. The states that recorded the lowest inflation growth rate were Kwara, Bayelsa, and Delta states with 8.46%, 9.40%, and 9.72% respectively.