Economic News Update

Nigeria Inflation Rate Hits 11 Year High of 17.9% YoY-September 2016

According to the report released by the National Bureau of Statistics, the Headline Inflation Index (CPI) in Nigeria went up by 17.9 percent year-on-year in September 2016; this is 0.24 percent higher than the rate recorded in August 2016 (17.6 percent). This is in line with market/analyst’s expectations. It was the highest inflation rate since October 2005 boosted by cost of food, housing and utilities and transport.

Increases were recorded all COICOP divisions which contribute to the Headline Index. Communication, restaurants and hotels recorded the lowest rates of increase of the 12 divisions, growing by 5.6 percent and 9.6 percent respectively.

On a month-on-month basis, the Headline index eased, increasing by 0.8 percent in September, down from 1.0 percent in August. The Urban Index rose by 19.5 percent (year-on-year) in September from 19.3 percent recorded in August and the Rural Index increased by 16.4 percent in September from 16.1 percent in August. On a month on month basis, both the Urban and Rural Index eased, increasing by 0.8 percent a piece.

Compared to September 2015, cost of food increased by 16.6 percent (16.4 percent in August); housing, water, electricity and gas surged by 26.3 percent (25.9 percent). Other contributors to the rise were: clothing and footwear (17.2 percent from 16.7 percent); transport (18 percent from 17.9 percent); furnishings and household equipment (12.4 percent, the same as in August); education (18.4 percent, the same as in August); health (10.9 percent, the same as in August); miscellaneous goods and services (12.7 percent from 12.5 percent); alcoholic beverages, tobacco and cola (14.9 percent from 14.8 percent) and restaurants and hotels (9.4 percent from 9.7 percent).

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Economic News Update

Nigeria Inflation Rate Hits 11 Year High of 17.9% YoY-September 2016

According to the report released by the National Bureau of Statistics, the Headline Inflation Index (CPI) in Nigeria went up by 17.9 percent year-on-year in September 2016; this is 0.24 percent higher than the rate recorded in August 2016 (17.6 percent). This is in line with market/analyst’s expectations. It was the highest inflation rate since October 2005 boosted by cost of food, housing and utilities and transport.

Increases were recorded all COICOP divisions which contribute to the Headline Index. Communication, restaurants and hotels recorded the lowest rates of increase of the 12 divisions, growing by 5.6 percent and 9.6 percent respectively.

On a month-on-month basis, the Headline index eased, increasing by 0.8 percent in September, down from 1.0 percent in August. The Urban Index rose by 19.5 percent (year-on-year) in September from 19.3 percent recorded in August and the Rural Index increased by 16.4 percent in September from 16.1 percent in August. On a month on month basis, both the Urban and Rural Index eased, increasing by 0.8 percent a piece.

Compared to September 2015, cost of food increased by 16.6 percent (16.4 percent in August); housing, water, electricity and gas surged by 26.3 percent (25.9 percent). Other contributors to the rise were: clothing and footwear (17.2 percent from 16.7 percent); transport (18 percent from 17.9 percent); furnishings and household equipment (12.4 percent, the same as in August); education (18.4 percent, the same as in August); health (10.9 percent, the same as in August); miscellaneous goods and services (12.7 percent from 12.5 percent); alcoholic beverages, tobacco and cola (14.9 percent from 14.8 percent) and restaurants and hotels (9.4 percent from 9.7 percent).

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