Nigeria’s inflation rate rises to 12.82% as food prices soar

Share to friends

A brand new report by the National Bureau of Statistics, exhibits that Nigeria’s inflation rate rose additional in July 2020 to 12.82% (year-on-year). This is a 0.26% enhance within the rate recorded in June 2020 (12.56%).

On a month-on-month evaluation, the Headline index elevated by 1.25 % in July 2020, which is 0.04 % rate greater than the rate recorded in June 2020 (1.21) %.

The proportion change within the common composite CPI for the twelve months interval ending July 2020 over the typical of the CPI for the earlier twelve months interval was 12.05 %, representing a 0.15 % level enhance from 11.90 % recorded in June 2020.

The city inflation rate elevated by 13.40 % (year-on-year) in July 2020 from 13.18 % recorded in June 2020, whereas the agricultural inflation rate elevated by 12.28 % in July 2020 from 11.99 % in June 2020.

On a month-on-month foundation, the city index rose by 1.27 % in July 2020, up by 0.04 from 1.23 % recorded in June 2020, whereas the agricultural index additionally rose by 1.23 % in July 2020, up by 0.04 from the rate recorded in June 2020 (1.19) %.

READ ALSO  Goldman Sachs says you should own these stocks in the second half of the year

The corresponding twelve-month year-on-year common proportion change for the city index was 12.66 % in July 2020. This is greater than 12.50 % reported in June 2020, whereas the corresponding rural inflation rate in July 2020 is 11.49 % in contrast to 11.36 % recorded in June 2020.

Food Index

The composite food index rose by 15.48 % in July 2020 in contrast to 15.18 % in June 2020.

This rise within the food index was attributable to will increase in prices of Bread and cereals, Potatoes, yam and different tubers, Meat, Fruits, Oils and fat, and Fish.

On a month-on-month foundation, the food sub-index elevated by 1.52 % in July 2020, up by 0.04 % factors from 1.48 % recorded in June 2020.

The common annual rate of change of the Food sub-index for the twelve-month interval ending July 2020 over the earlier twelve-month common was 14.63 %, 0.17  % factors from the typical annual rate of change recorded in June 2020 (14.46) %.

All Items Less Farm Produce

The “All items less farm produce” or Core inflation, which excludes the prices of unstable agricultural produce stood at 10.10 % in July 2020, down by 0.03 % compared with 10.13 % recorded in June 2020.

On a month-on-month foundation, the core sub-index elevated by 0.75 % in July 2020. This was down by 0.11 % compared with 0.86 % recorded in June 2020.

READ ALSO  Election anxiety creeps inside the White House

The highest will increase have been recorded in prices of Medical companies, Passenger transport by air, Pharmaceutical merchandise, Hospital companies, Passenger transport by highway, Maintenance and restore of private transport gear, Paramedical companies and Vehicle spare components.

The common 12-month annual rate of change of the index was 9.48 % for the twelve-month interval ending July 2020; that is 0.11 % factors greater than 9.37 % recorded in June 2020.

State Profiles

In analyzing value actions underneath this part, word that the CPI is weighted by consumption expenditure patterns which differ throughout states. Accordingly, the burden assigned to a specific food or non-food merchandise could differ from state to state making interstate comparisons of consumption basket inadvisable and probably deceptive.

All Items Inflation

In July 2020, all objects inflation on yr on yr foundation was highest in Bauchi (16.10%), Kogi (15.90%) and Sokoto and Plateau (15.20%), whereas Lagos (10.70%), Adamawa (10.60%) and Kwara (10.50%) recorded the slowest rise in headline Year on Year inflation.

READ ALSO  Remedy confirms Control 2 is in the works

On month on month foundation, nonetheless, July 2020 all objects inflation was highest in Kogi (2.85%), Zamfara (2.44%) and Yobe (2.35%), whereas Ondo (0.67%), Adamawa (0.63%) and Ogun and Imo (0.62%) recorded the slowest rise in headline month on month inflation.

Food Inflation

In July 2020, food inflation on a yr on yr foundation was highest in Kogi (20.09%), Sokoto (19.28%) and Plateau (18.05%), whereas Adamawa (13.37%), Abia  (13.33%) and Lagos (13.13%) recorded the slowest rise.

On month on month foundation, nonetheless, July 2020 food inflation was highest in Zamfara (3.40%), Kogi (3.32%) and Yobe (3.00%), whereas Niger and Ogun (0.44%), Lagos (0.41%) with Adamawa recording value deflation or unfavorable inflation (common lower within the common value stage of food or a unfavorable food inflation rate).

You May Like

Over 91 million Nigerians now live in extreme poverty, says World Poverty Clock