The National Bureau of Statistics has released its September Inflation report showing inflation rate rose marginally by a 100 basis point to 9.4%. It confirms the increase was mainly as a result of higher food prices partly contributed by the Muslim holidays. See an excerpt of the report below;
In September, the Consumer Price Index (CPI) which measures inflation increased marginally to 9.4% (year on-year), from 9.3% in August. The faster pace in September was as a result of higher Food and non-food divisions — Alcoholic Beverage, Tobacco and Kola; Clothing and Footwear; and Housing, Water, Electricity, Gas and Other Fuels divisions — amongst others which contribute to the Headline index.
While the Muslim holiday period may have contributed to higher food prices, the Food Sub-index as a whole recorded a marginal increase, increasing by 10.2% (year-on-year) in September from 10.1% in August. Prices rose in major categories such as Bread and Cereals, Meats, Fish; and Oils and fats groups. The Fruit, Vegetables, and Potatoes, Yams and Other Tubers groups have however held constant or grown at a slower pace for three consecutive months, ultimately weighing on the index.
The advances recorded by the “All Items less Farm Produce” or Core subindex increased at a marginally slower pace in September relative to August. The Core sub-index increased by 8.9% in September (year-on-year), from 9.0% in August. The Core sub-index was weighted upon by slower increases in multiple groups and or divisions in particular; garments, Fuels and lubricants for personal transport equipment, Hotel Accommodation services, and other services in the Communication and Miscellaneous Goods and Services divisions.
