Food prices highest in Zamfara, Anambra, Kaduna in September — NBS

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Prices of food items rose highest in Zamfara, Anambra and Kaduna states in September, the consumer price index (CPI) report released on Thursday by the National Bureau of Statistics (NBS) has shown.

The report revealed that on a month-on-month basis, food price inflation was highest in Zamfara at 3.65 percent, Anambra at 3.19 percent and Kaduna at 3.15 percent in the month.

While Nasarawa at 0.5 percent and Abuja at 0.15 percent recorded the slowest rise with Ondo recording price deflation or negative inflation general decrease in the general price level of food.

The report said in September, food inflation on a year-on-year basis was highest in Zamfara at 20.94 percent, Kogi at 19.06 percent and Plateau/Yobe at 18.90 percent, while Nasarawa at 13.94 percent, Lagos at 13.87 percent and Ondo 13.59 percent recorded the slowest rise.

According to the report, the headline index increased by 1.48 percent in September.

“This is 0.14 percent rate higher than the rate recorded in August at 1.34 percent.

“The percentage change in the average composite consumer price index for the twelve months period ending September over the average of the consumer price index for the previous twelve months period was at 12.44 percent, showing 0.21 percent point increase from 12.23 percent recorded in August.”

It said, 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.

The NBS said, the composite food index rose by 16.66 percent in September compared to 16.00 percent in August.

“On a month on month basis, the food sub index increased by 1.88 percent in September up by 0.21 percent points from 1.67 percent recorded in August,” the report said.

All items inflation

The report said in September, all items inflation on a year-on-year basis was highest in Bauchi at 17.85 percent, Zamfara at 17.42 percent and Kogi at 16.66 percent, while Lagos at 11.19 percent, Abuja at 10.59 percent, and Kwara at 10.53 percent recorded the slowest rise in headline year-on-year inflation.

However, on a month-on-month basis, all items inflation was highest in Bauchi at 3.36 percent, Kogi at 2.63 percent and Zamfara at 2.75 percent, while Nasarawa at 0.66 percent, Abuja at 0.64 percent, and Ondo at 0.31 percent recorded the slowest rise in headline month-on-month inflation.

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Less farm produce

“All items less farm produce or core inflation, which excludes the prices of volatile agricultural produce stood at 10.58 percent in September, up by 0.06 percent when compared with 10.52 percent recorded in August,” NBS said.

“On a month-on-month basis, the core sub-index increased by 0.94 percent in September; this was down by 0.11 percent when compared with 1.05 percent recorded in August.”

According to the report, the highest increases were recorded in prices of passenger transport by air, medical services, hospital services, pharmaceutical products, passenger transport by road, motor cars, vehicle spare parts, maintenance and repair of personal transport equipment, repair of furniture, and paramedical services.

It said, the average 12 month annual rate of change of the index was 9.77 percent for the twelve month period ending September; this is 0.13 percent points higher than 9.64 percent recorded in August.

Methodology

The NBS said the CPI measures the average change over time in prices of goods and services consumed by people for day to day living.

It said the construction of the CPI combines economic theory, sampling and other statistical techniques using data from other surveys to produce a weighted measure of average price changes in the Nigerian economy.

It said the weighted measure was used to capture the importance of the selected commodities in the entire index.

The survey methodology generates 3,774 all item indices for all states and the FCT, NBS said in the report.



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