Nigeria’s inflation inches up to 9.4 on higher food prices

Helped majorly by higher food prices, particularly during the recent muslim celebrations, Nigeria’s inflation marginally moved up to 9.4 percent in September from 9.3 percent the previous month.

The National Bureau of Statistics said that the faster pace noticed in September prices 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 — among 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 data bureau noted in its Consumer Price newsletter released on yesterday.

The advances recorded by the “All Items less Farm Produce” or Core sub- index, increased at a marginally slower pace in September, relative

to August. The core sub-index increased by 8.9 percent  in September (year-on-year), from 9 percent in August,  but 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.

On a month-on-month basis, the Core Sub-index increased at the same rate for three consecutive months at 0.6 percent.

“The largest increases were recorded in Books & Stationeries groups as a result of the start of the new school year, Household textiles, Glassware, Tableware and Household Utensils; and Shoes and Other Footwear groups. Prices eased however in the Liquid Fuels for Personal Transport, Housing rents, and garment prices amongst others.

Food prices as observed by the Food Sub-index increased by 10.2 percent, from 10.1 percent recorded in August, the NBS said, observing pressures which came from Bread and Cereals, Meat, Fish, and Oils and Fats groups.

On a month-on-month basis, the Food sub-index held at the same rate for the second consecutive month in September, increasing by 0.6 percent.

Onyinye Nwachukwu