Home Business Prices of Food Items Drive Inflation Rate to 13.71%, Says NBS

Prices of Food Items Drive Inflation Rate to 13.71%, Says NBS

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The National Bureau of Statistics (NBS) on Thursday said prices of food items increased inflation rate to 13.71per cent in September.

This is 0.49 per cent points higher than 13.22 per cent recorded in August.

According to the bureau, “The consumer price index, (CPI) which measures inflation increased by 13.71 percent (year-on-year) in September 2020.”

The report stated that the percentage change in the average composite CPI for the 12 months period ending September 2020 over the average of the CPI for the previous 12 months period was 12.44 per cent, showing 0.21 per cent point from 12.23 per cent recorded in August 2020.

The report by NBS said, “On a month-on-month basis, the urban index rose by 1.56 per cent in September 2020, up by 0.14 from 1.42 per cent recorded in August 2020, while the rural index also rose by 1.40 per cent in September 2020, up by 0.13 from the rate recorded in August 2020 (1.27 per cent).

“The urban inflation rate increased by 14.31 per cent (year-on-year) in September 2020 from 13.83 per cent recorded in August 2020, while the rural inflation rate increased by 13.14 per cent in September 2020 from 12.65 percent in August 2020.

“The corresponding twelve-month year-on-year average percentage change for the urban index is 13.07 per cent in September 2020.

“This is higher than 12.85 per cent reported in August 2020, while the corresponding rural inflation rate in September 2020 is 11.86 per cent compared to 11.66 per cent recorded in August 2020.”

The report stated that the composite food index rose by 16.66 per cent in September 2020 compared to 16.00 per cent in August 2020.

“This rise in the food index was caused by increases in prices of Bread and Cereals, Potatoes, Yam and other tubers, Meat, Fish, Fruits and Oils and fats.

“On month-on-month basis, the food sub-index increased by 1.88 per cent in September 2020, up by 0.21 per cent points from 1.67 per cent recorded in August 2020.

“The average annual rate of change of the Food sub-index for the 12-month period ending September 2020 over the previous 12-month average was 15.13 per cent, 0.26 per cent points from the average annual rate of change recorded in August 2020 (14.87 per cent),” the report added.

 

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