The nation’s Composite Price Index, CPI, which measures the prices of goods and services for the month of August rose marginally to 9.4 per cent (year-on-year), up from the 9.3 per cent it recorded in the preceding month.
The CPI report published yesterday by the National Bureau of Statistics, NBS, indicated that the Headline index rose slightly as a result of higher Food and non-food divisions comprising, Alcoholic Beverage, Tobacco and Kola; Clothing and Footwear; and Housing, Water, Electricity, Gas and Other Fuels divisions, among others.
The NBS stated that while the Muslim holiday period may have contributed to higher food prices, the Food Sub-index as a whole recorded a marginal increase, increasing by 10.2 per cent (year-on-year) in the month under review from 10.1 per cent in August.
It noted that prices rose in major categories such as Bread and Cereals, Meats, Fish; and Oils and fats groups. The Fruit, Vegetables, and Potatoes, Yams and Other Tubers groups have however held constant or grown at a slower pace for three consecutive months, ultimately weighing on the index.
However, the agency stated that the advances recorded by the “All Items less Farm Produce” or Core sub-index increased at a marginally slower pace in September relative to August, increasing by 8.9 per cent in the month (year-on-year), from 9.0 per cent rate in August.
According to the NBS, the Core sub-index was weighted upon by slower increases in multiple groups and or divisions in particular; garments, Fuels and lubricants for personal transport equipment, Hotel Accommodation services, and other services in the Communication and Miscellaneous Goods and Services divisions.
It stated: “On a month-on- month basis, the pace of increases of the Headline index has held constant for the second consecutive month at 0.6 per cent, the lowest pace recorded this year. Non-food divisions which weighted on the index include Housing Water, Electricity, Gas and Other Fuels; Communication, Education and Miscellaneous Goods and Services.
“In September, the Urban index edged higher, increasing by 9.5 per cent (year-on-year), up by 0.3% points from 9.2 per cent in August. On the other hand, the Rural increased by 9.3 per cent in September from 9.4 per cent in August.
“On a month-on-month basis, the Urban index edged higher from 0.6 per cent in August to 0.7 per cent in September, while the Rural index increased at a slower pace for the fourth consecutive month, increasing by 0.5 per cent in September from 0.6 per cent in August”, it added.
The Bureau reported that the percentage change in the average composite CPI for the 12-month period ended September over the average of the CPI for the previous 12-month period was 8.7 per cent, marginally higher from the 8.6 per cent rate recorded in the preceding month.
Similarly, it pointed out that the corresponding 12-month year-on-year average percentage change for the Urban index increased marginally from 8.6 per cent to 8.7 per cent, while the corresponding Rural index also edged higher to 8.6 per cent in September from 8.5 per cent in August.
Expatiating on the ‘Food Index’ trend during the month, the Bureau reported that while the Muslim holiday may have contributed to higher food prices, the Food sub-index as a whole recorded a marginal increase by 10.2 per cent, from 10.1 per cent recorded in August.
On advances recorded by the “All Items less Farm Produce” or Core sub-index which excludes the prices of volatile agricultural produce, the agency reported that prices increased by 8.9 per cent in September, marginally lower from the 9.0 per cent rate recorded in the preceding month.
It reported further that on a month-on-month basis, the Core Sub-index increased at the same rate for three consecutive months at 0.6 per cent with the largest increases recorded in Books & Stationeries groups as a result of the start of the new school year, Household textiles, Glassware, Tableware and Household Utensils; and Shoes and Other Footwear groups.
The Bureau however noted that prices eased in the Liquid Fuels for Personal Transport, Housing rents, and garment prices amongst others with the average 12-month annual rate of rise of the index was recorded at 7.6 per cent, representing 0.2 per cent points higher from the twelve month rate recorded in August.
