Inflation inches up to 9.4 per cent in September

The Consumer Price Index (CPI) which measures inflation increased marginally to 9.4 per cent in September compared to 9.3 per cent in the previous month, according to the National Bureau of Statistics (NBS).

It attributed the rise to the recent Muslim holiday period which contributed to higher food prices as the food sub-index as a whole recorded a marginal uptick, increasing by 10.2 per cent (year-on-year) in September from 10.1 per cent in August.

The NBS further explained that the increase in headline index in the month in review was a result of higher food and non-food divisions including alcoholic beverage, tobacco and kola; clothing and footwear; and housing, water, electricity, gas and other fuels divisions among others.

According to the CPI index for September which was released yesterday, the core sub-index, which excludes the prices of volatile agricultural produce eased in September as prices increased by 8.9 per cent, marginally lower from the 9.0 per cent rate in August.

It said on a month-on-month basis, the Core Sub-index increased at the same rate for three consecutive months at 0.6 per cent.

“The largest increases were recorded in books and stationeries groups as a result of the start of the new school year, household textiles, glassware, tableware and household utensils; and shoes  as well as other footwear groups. prices eased however in the liquid fuels for personal transport, housing rents, and garment prices among others,” it stated.

Meanwhile, urban inflation edged higher, increasing by 9.5 per cent (year-on-year) and up by 0.3 percentage points in September compared to 9.2 per cent in August while its rural component increased by 9.3 per cent in Septemer from 9.4 per cent the previous month.

According to the statistical agency: “On a month-on-month basis, the urban index edged higher from 0.6 per cent in August to 0.7 per cent in September, while the rural index increased at a slower pace for the fourth consecutive month, increasing by 0.5 per cent in September from 0.6 per cent in August.”

Also, the average monthly price paid by Nigerian households for a litre of petrol across the country dropped to N95.18/litre in September compared to N104.48/litre in August, according to the NBS.

Yet, the official pump price of petrol is N87 and figures provided showed that on the monthly average, Nigerians have continued to purchase petrol above the official rate in September.

According to its monthly PMS Watch for September which was also released yesterday, only Jigawa, Ogun and Sokoto States recorded N87/liter in average pump price for the period while Bayelsa and Yobe State recorded N119.83/litre and 119.78/litre repetitively.

Lagos State and Abuja recorded N89/litre and N92.60/litre respectively.

Credit: This day