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Tag: Consumer Price Index (CPI)

  • Nigeria’s inflation rate hits 11.31% in February – NBS

    The National Bureau of Statistics (NBS), says the Consumer Price Index (CPI) which measured inflation decreased to 11.31 per cent (year-on-year) in February from 11.37 per cent recorded in January.

    The NBS made this known in its “CPI and Inflation Report’’ for February released in Abuja on Friday on its website.

    The bureau said the figure was 0.06 per cent points lower than the 11.37 recorded in January in the period under review.

    It said the increases were recorded in all Classification of Individual Consumption by Purpose (COICOP) divisions that yielded the Headline index.

    On a month-on-month basis, it said the headline index decreased to  0.73 per cent in the period under review by 0.01 per cent points from 0.74 per cent recorded in January.

    It said the percentage change in the average composite CPI for the 12 months period ended December over the average of CPI for the previous 12 months period.

    It, however, measured the CPI at 11.56 per cent in the period under review, indicating a 0.24 per cent decline from 11.80 per cent recorded in January.

    Read Also: NBS: Nigeria earns N808b from VAT

    The bureau said the urban inflation rate decreased to 11.59 per cent (year-on-year) from 11.66 per cent recorded in January of the same year.

    It said the rural inflation rate also decreased to 11.05 per cent in February from 11.11 per cent recorded in January.

    According to the NBS, the CPI measures the average change over time in prices of goods and services consumed by people for day-to-day living.

    It said the construction of the CPI combines economic theory, sampling and other statistical Techniques, using data from other surveys to produce a weighted measure of average price changes in the Nigerian economy.

    It added that the production of the CPI requires skills of economists, statisticians, computer scientists, data collectors and others.

    NAN

     

  • Nigeria’s inflation rate drops in October – NBS

    The National Bureau of Statistics (NBS) says the Consumer Price Index (CPI), which measured inflation for October decreased to 0.74 per cent (month-on-month) from 0.83 per cent recorded in September.

    The NBS disclosed this in its “CPI and Inflation Report” for October released in Abuja on Wednesday.

    According to the Bureau, the figure is 0.09 per cent points less than the rate recorded in September.

    It said that the percentage change in the average composite CPI for the 12 months period ended October over the average of CPI for the previous 12 months period.

    It however measured the CPI at 12.78 per cent in the period under review from 13.55 per cent recorded in September.

    Read Also: NBS insists Nigeria out of recession

    It said the urban inflation rate decreased to 11.64 percent (year-on-year) in October from 11.70 per cent recorded in September.

    It further said that the rural inflation rate increased by 10.93 per cent in October from 10.92 per cent recorded in September.

    On a month-on-month basis, the NBS said the urban index decreased to 0.76 per cent in October, from 0.86 per cent recorded in September.

    “The rural index also rose by 0.72 per cent in October, down from the rate recorded in September (0.82) per cent.’’

     

    NAN

  • Nigeria’s inflation drops to 16.10 % in June – NBS

    Nigeria’s inflation drops to 16.10 % in June – NBS

    The National Bureau of Statistics (NBS) said that the country’s inflation as measured by Consumer Price Index (CPI) further dropped to 16.10 per cent in June from 16.25 per cent in May.

    The NBS made this known in its CPI June 2017 report released on Monday in Abuja.

    According to the bureau, this is the fifth consecutive decline in the rate of inflation since January.

    This, it stated was 0.15 per cent points lower than the rate recorded in May -16.25 per cent.

    On a month-on-month basis, the bureau stated that the Headline index increased by 1.58 per cent in June 2017, 0.30 per cent points lower than the rate of 1.88 per cent recorded in May 2017.

    It stated that month on Month inflation had cumulatively risen by 9.28 per cent since January 2017.

    The bureau stated that the Food Index increased by 19.91 per cent (year-on-year) in June 2017, down by 0.64 per cent points from the rate recorded in May (19.27 per cent), indicating continued pressure in food prices.

    It stated that Price movements recorded by All Items less farm produce or Core sub-index rose by 12.50 per cent (year-on-year) in June, down by 0.50 per cent points from rate recorded in May (13.00) per cent.

    This, the bureau stated represented the 8th straight month of decline in the core index since November 2016.

    Meanwhile, the Premium Motor Spirit (Petrol) Price Watch for June, released by NBS said that an average price paid by consumer for petrol increased by 1.2 per cent year-on-year.

    The bureau stated that the average price paid by consumers for the product decreased by -0.3 per cent month-on-month to N150. 3 in June 2017 from N150.7 in May 2017.

    It stated that states with the highest average price of petrol were Yobe (N168), Gombe (N167.50) and Adamawa (162.50).

    The bureau, however, stated states with the lowest average price of petrol were Abuja, Edo, Ekiti ,Ogun, and Osun which sold for N145 in the month.

    Also, Ondo and Kano sold for N145.3 while Kwara and Oyo sold the product for N145.5.

  • Nigeria’s inflation declines by 0.52 % in March

    Nigeria’s inflation declines by 0.52 % in March

    The National Bureau of Statistics (NBS) on Thursday said that inflation dropped by 0.52 per cent in March, the second decline recorded on the year- on- year basis.

    The first decline was recorded in February when inflation dropped by 0.94 per cent.

    In its latest Consumer Price Index (CPI) for March released in Abuja, the bureau stated that the index, which measured inflation increased by 17.26 per cent year-on-year.

    It, however, stated that the increase was a slower pace in March when compared to February consumer activities, which was 17.78 per cent.

    “This is the second consecutive month of a decline in the headline CPI on a year-on-year basis.

    “It represents the effects of stabilising prices in already high food and non-food prices as well as favourable base effects over 2016 prices.

    “It is also indicative of early effects of a strengthened Naira in the foreign exchange market.’’

    According to the report, price increases have been recorded in all Classification of Individual Consumption by Purpose (COICOP) divisions that yield the Headline Index.

    It, however, stated that the major divisions responsible for accelerating the pace of the increase in the headline index were Housing, Water, Electricity and Gas.

    Others it said were Education, Food and Alcoholic Beverages, Clothing and Footware and Transportation Services.

    On a month-on-month basis, the report stated that the Headline index increased by 1.72 per cent in March, 0.23 per cent points higher from the rate recorded in February.

    The Food Index increased by 18.44 per cent (year-on-year) in March, slightly down 0.09 per cent points from the rate recorded in February, which was 18.53 per cent.

    It stated that the index was driven by increases in the prices of bread, cereals, meat, fish, potatoes, yams and other tubers and wine.

    It also stated that the slowest increase in food prices year-on-year was recorded by Soft Drinks, Fruits, Coffee, Tea and Cocoa.

    In addition, the report stated price movements recorded by All Items less farm produce or Core sub-index rose by 15.40 per cent (year-on-year) in March.

    It stated that it was down by 0.60 per cent points from the rate recorded in February (16.00) per cent.

    “During the month, the highest increases were seen in miscellaneous services relating to dwelling, electricity, solid fuels, clothing materials.

    “Increases were also seen in other articles of clothing, Liquid fuel, Spirits as well as Fuels and lubricants for personal transport equipment.

    “The Urban index rose by 18.27 per cent (year-on-year) in March from 18.57 per cent recorded in February, and the Rural index increased by 16.47 per cent in March from 16.98 per cent in February.’’

    On month-on-month basis, the report stated the urban index rose by 1.76 per cent in March from 1.52 per cent recorded in February.

    It further stated that the rural index rose by 1.69 per cent in March from 1.47 per cent in February.

    The News Agency of Nigeria (NAN) reports that CPI measures the average changeover time in prices of goods and services consumed by people for day to-day living.

    The construction of the CPI combines economic theory, sampling and other statistical techniques using data from other surveys to produce a weighted measure of average price changes in the Nigerian economy.

  • Economist to FG: Take right fiscal, monetary measures

    Emeritus Professor of Economics, Uka Ezenwe, has called on the Federal Government to come up with the right fiscal and monetary measures to take the economy out of recession.

    Ezenwe, who made the call in an interview with the News Agency of Nigeria (NAN) on Monday in Abuja, said the government should address the negative indexes in the economy.

    He said that the reduction in inflation rate by 0.94 was not a sign that the country was coming out of recession.

    The National Bureau of Statistics (NBS) had stated in its February Consumer Price Index (CPI) that the index, which measured inflation, increased by 17.78 per cent year-on-year.

    It, however, stated that the increase was at a slower pace in February when compared to January consumer activities that was 18.72 per cent.

    Ezenwe said: “I don’t think we are getting out of recession yet but the fact that inflation rate is not increasing rather declining is good news.

    “We are not out of recession yet because there are so many things involved; the level of unemployment is very high.

    “Nigeria is still an import reliant country, the exchange rate has not stabilised, CBN has been working hard in a couple of weeks to see what it can do.

    “Fiscal spending is not adequate, we are still looking for sources of raising fund to increase fiscal spending.

    “ I know that the measures outlined in the Economic Recovery and Growth Plan will go a long way to help but we are yet to see those things in action,’’ he said.

    The economist said that recession was not a new thing in economic history but could lead to depression if not managed appropriately.

    The don said that it could be managed through fiscal measures such as budgetary measures, tax incentives and subsidy.

    “Monetary level, through the manipulation of interest rate, exchange rate; the government can minimise the negative impact of recession through these measures,” he said.

    Ezenwe also advised the government to ensure effectively implementation of the Economic Recovery and Growth Plan (ERGP) to get the country out of the recession.

    “The single biggest problem this country has is implementation of its good plans, policies and measures.

    “One thing is to put it on paper and another thing is to implement it.

    “There is nothing actually new in what they are proposing; creation of employment, we have been taking about it.

    “There nothing bad about borrowing but what is important is to invest the money properly. Save liquidating projects – that is projects that will generate income to repay the loan.’’

    According to him, there is danger in borrow without proper utilisation.

    “There is also a danger in borrowing for generation unborn to pay the loan.

    “You have to borrow in such a way that your loan will be utilised and in reasonable period of time, it will be pay back.’’

    In addition, he advised the policy makers to be patriotic and be sincere in implementing the ERGP and also to fight corruption in holistic manner.

    ERGP is aimed at bringing the country out of recession and to put it on path of inclusive growth and sustainable development.

  • ‘Inflation declines by 0.94% in February’

    The National Bureau of Statistics (NBS) on Tuesday said that inflation dropped by 0.94 per cent in February, the first time in 15 months.

    In its latest Consumer Price Index (CPI) for February released in Abuja, the bureau stated that the index, which measured inflation increased by 17.78 per cent year-on-year.

    It, however, stated that the increase was at a slower pace in February when compared to January consumer activities, which was 18.72 per cent.

    “This represents the first time in 15 months that the headline CPI has declined on year-on-year basis.

    “It represents the effects of slower rises in already high food and non-food prices and favourable base effects over 2016 prices.

    “Price increases were recorded in all Classification of Individual Consumption by Purpose (COICOP) divisions that yield the Headline Index.

    “However, the major divisions responsible for accelerating the pace of the increase in the headline index were housing, water, electricity, gas and other fuel, education, food and alcoholic beverages, clothing and foot wear and transportation services.’’

    On a month-on-month basis, the report stated that the Headline index increased by 1.49 per cent in February 2017, 0.48 per cent points higher from the rate of 1.01 per cent recorded in January.

    It stated that the Food Index increased by 18.53 per cent (year-on-year) in February, up by 0.71 per cent points from rate recorded in January (17.82) per cent.

    The report stated that the index was driven by increases in the prices of bread, cereals, meat, fish, potatoes, yams and other tubers and wine.

    It added that the slowest increase in food prices year-on-year was recorded by soft drinks, coffee, tea and cocoa.

    During the month, the report stated the highest year-on-year increases were seen in electricity, liquid and solid fuels, fuels and lubricants for personal transport equipment, clothing materials.

    It stated that other articles of clothing and clothing accessories, books and stationeries also recorded increase.

    Meanwhile, it stated that the Urban index rose by 18.57 per cent year-on-year in February from 20.31 per cent recorded in January.

    It further stated that the Rural Index increased by 16.98 per cent in February from 17.34 per cent in January.

    On month-on-month basis, it stated that the urban index rose by 1.52 per cent in February from 1.03 per cent recorded in January, while the rural index rose by 1.47 per cent in February from 1.00 per cent in January.

    “The Composite Food Index rose by 18.53 per cent in February 2017.

    “The rise in the index was driven by increases in the prices of bread, cereals, meat, fish, potatoes, yams and other tubers, vegetables, wine, milk, cheese and eggs, Sugar, jam, honey, chocolate and confectionery and fruit.’’

    On a month-on-month basis, it stated that the Food sub-index increased by 1.99 per cent in February, up by 0.7 per cent points from 1.29 per cent recorded in January.

    “The average was 16.13 per cent, 0.59 per cent points from the average annual rate of change recorded in January (15.54 per cent).’’

    The News Agency of Nigeria (NAN) reports that CPI measures the average changeover time in prices of goods and services consumed by people for day to-day living.

    The construction of the CPI combines economic theory, sampling and other statistical techniques using data from other surveys to produce a weighted measure of average price changes in the Nigerian economy.

    The weighting occurs to capture the importance of the selected commodities in the entire index

  • Inflation rises to 17.6% in August, says NBS

    Inflation rises to 17.6% in August, says NBS

    Annual inflation in Nigeria accelerated to 17.6 per cent in August from 17.1 per cent in July, according to the National Bureau of Statistics (NBS).

    The figure represents a fresh 11-year high and the seventh monthly increase in a row, as the crisis in the economy deepens.

    The rise from 17.1 per cent in July reflected higher prices for electricity, gas, transport and food, a separate index for which rose to 16.4 per cent from July’s 15.8 per cent, it said.

    “During the month, the highest increases were seen in solid fuels, vehicles parts, books and stationeries and clothing,” the NBS said in a statement.

    The NBS said: “In August the Consumer Price Index (CPI) which measures inflation increased by 17.6% (year-on-year), 0.5% points higher from the rate recorded in July (17.1%).

    “Increases were recorded in all COICOP (Classification of Individual Consumption by Purpose) divisions which contribute to the Headline index reflecting higher prices across the board.

    “The major divisions responsible for accelerating the pace of the increase in the headline index were Housing, Water, Electricity, Gas and Other Fuel, Education and Transportation Services,” the report stated.

    According to the NBS, the trend of rising inflation is clearly discernible in both urban and rural areas of Nigeria even though the pace slowed down a bit between July and August this year.

    “Urban and Rural Prices continued to rise in the month of August.

    “The Urban index increased by 19.3 percent (year-on-year) in August from 18.9 percent recorded in July, while the Rural index increased by 16.1 percent in August from 15.5 percent in July.

    “On a month-on-month basis, both Urban and Rural index increased at a slower pace, as Urban index rose by 0.9 percent in August from 1.4 percent in July, while the Rural index rose by 1.09 percent from 1.12 percent in July.

    The NBS report particularly notes that the increasing prices of food items and energy aided the rise in inflation.

    “Imported Food items as well as other necessary inputs to producing key local staples such as bread continue to drive the food index higher.

    “The food index increased by 16.4 percent (year-on-year), 0.6 percent points higher from rates recorded in July.

    “The highest price increases were recorded in Meat, Fish, and Bread & Cereals groups.

    “On a month-on-month basis, the Food sub-index increased at the same pace for two months at 1.2 percent.

    “The average annual rate of change of the Food sub-index for the twelve-month period ending in August 2016 over the previous twelve-month average was 12.7 percent, 0.5 percent points from the average annual rate of change recorded in July (12.2 percent).

    The economy slid into recession for the first time in more than 20 years, largely due to the impact of low oil prices.

    Crude oil sales account for 70 per cent of government revenue.

    These problems have been exacerbated by a spate of attacks since the start of the year that have cut oil production by around 700,000 bpd from 2.1 million barrels per day (bpd) at the start of the year.

    Inflation is expected to slow next year, however, and economists polled by Reuters predict the central bank will keep its focus on resuscitating the economy and hold interest rates at 14 percent when policymakers meet next week.

  • Nigeria’s inflation hits 15.6 % in May – NBS

    Nigeria’s inflation hits 15.6 % in May – NBS

    The National Bureau of Statistics (NBS), on Tuesday said the Consumer Price Index (CPI) increased to 15.6 per cent in May from 13. 7 per cent in April.

    A report released by the NBS in Abuja said that the CPI, which measures inflation, recorded a relatively strong increase for the fourth consecutive month.

    The report said that the Headline Index increased to 15.6 per cent year-on-year, which was 1.9 per cent points higher from rates recorded in April (13.7 per cent).

    “The increase in rates in May relative to April reflects an overall increase in general price level across the economy as all divisions which contribute to the Headline Index increased at a faster pace in May.

    “ Year on year, electricity rates as well as other energy prices continue to manifest as key drivers of the Core component of the CPI.

    “The Core sub-index increased to 15.1 per cent in May, up by 1.7 per cent points from rates recorded in the previous month.

    “During the month, the highest increases were seen in the passenger transport by road, Liquid Fuel (kerosene), fuels and Lubricants for Personal Transport Equipment (Premium Motor Spirit) and Vehicle Spare Part groups,’’ it said.

    The report said that imported foods as well as a drawdown of inventories across the country continued to push food prices higher.

    It said that the Food Sub Index increased to 14.9 per cent in May, up by 1.7 per cent points from rates recorded in April.

    The report said that the food sub index increased as all major food groups which contributed to the food sub-index increased at a faster pace.

    “This is driven by higher food prices in fish, bread and cereals, and vegetables groups for the second consecutive month.

    “In addition, the Imported Food Sub-Index increased by 18.6 per cent in May, compared to 2.2 per cent points from rates recorded in April,’’ it said.