Economy

JUST IN: Nigeria's inflation climbs further, rises above 13.71% in September

JUST IN: Nigeria's inflation climbs further, rises above 13.71% in September”

Overall food prices remained high, up 7.9% in September from a year ago, with fresh vegetable prices up 17.2%.

"On a month-on-month basis, the urban index rose by 1.56 percent in September 2020, up by 0.14 from 1.42 percent recorded in August 2020, while the rural index also rose by 1.40 percent in September 2020, up by 0.13 from the rate recorded in August 2020 (1.27 percent)".

This is 0.14 per cent rate higher than the rate recorded in August 2020 (1.34) per cent.

In the first nine months, China's CPI rose 3.3 percent from a year earlier, staying within the government's annual target of around 3.5 percent set for 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.

"We are starting to see stronger momentum in consumer spending over the last two months, but a more widespread improvement in price pressure is going to take some time". The rise in pork prices slowed to 25.5 percent year-on-year, sharply down by 27.1 percentage points from a month earlier, as pork supply was further restored, the NBS said.

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The NBS said Nigerians paid more for food during the month, as food inflation figures soared by about 4.13 per cent, from 16 per cent in August to over 16.66 per cent in the month under review.

Food prices have begun to stabilise after months of huge rises fuelled by the swine fever, which ravaged pig herds across the country and sent the cost of pork rocketing, in turn pushing up demand for other meat.

In its summary note, NBS said: "On a month-on-month basis, the urban index rose by 1.56 percent in September 2020, up by 0.14 from 1.42 percent recorded in August 2020, while the rural index also rose by 1.40 percent in September 2020, up by 0.13 from the rate recorded in August 2020 (1.27 percent)".

In the first three quarters, factory-gate prices were down 2 percent on average from the same period past year, according to the NBS data. China's core inflation rate, which removes volatile food and energy prices, was a low 0.5%, indicating price disinflation is lurking across the economy.

This was down by 0.11 per cent when compared with 1.05 per cent recorded in August 2020.

"This is 0.49 per cent points higher than the rate recorded in August 2020 (13.22) per cent".



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