By Adedapo Adesanya

The headline inflation rate in Nigeria increased to 11.24 percent (year-on-year) in September 2019 from the 11.02 percent it recorded in August 2019, data from the National Bureau of Statistics (NBS) revealed on Tuesday.

Business Post reports that the inflation jumped by this higher margin as the effect of the border closure by federal government as well as stringent economic policies continue to bite hard on the nation, causing prices of goods and food items to rise at the market.

According to the stats office, the consumer price index (CPI), which measures inflation, rose in the period under review by 0.22 percent when compared with the previous month.

The border closure, which did not reflect much in the August figures because it was only captured for 11 days during the 31 days reference period, heavily impacted on the September figures.

In the report released this morning, the bureau noted that increases were recorded in all Classification of Individual Consumption According to Purpose (COICOP) divisions that yielded the headline index.

On month-on-month basis, the headline index increased by 1.04 percent in September 2019, which is 0.05 points higher than the rate recorded in August 2019 at 0.99 percent.

The data showed that the percentage change in the average composite CPI for the twelve months period ending September 2019 over the average of the CPI for the previous twelve months period was 11.268 percent, showing 0.003 percent point from 11.271 percent recorded in August 2019.

Increases also reflected in both urban and rural inflation as urban inflation rate increased by 11.78 percent (year-on-year) in September 2019 from 11.48 percent recorded in August 2019, while the rural inflation rate increased by 10.77 percent in September 2019 from 10.61 percent in August 2019.

On a month-on-month basis, urban index rose by 1.13 percent in September 2019, indicating a 0.09 rise compared to 1.04 percent recorded in August 2019, while the rural index also rose by 0.96 percent in September 2019, up by 0.03 from the 0.93 percent recorded in August 2019.

The corresponding twelve-month year-on-year average percentage change for the urban index is 11.63 percent in September 2019 which is higher than 11.62 percent reported in August 2019, while the corresponding rural inflation rate in September 2019 is 10.94 percent compared to 10.95 percent recorded in the previous month.

The data indicated that price of food such as bread and cereals, oils and fats, meat, potatoes, yam and other tubers, fish and vegetables all recorded increases in prices.

According to the NBS, the composite food index rose by 13.51 percent in September 2019 from 13.17 percent in August 2019.

It was stated that this rise in the food index was caused by increases in prices of Bread and cereals, Oils and fats, Meat, Potatoes, Yam and other tubers, Fish and Vegetables.

On month-on-month basis, the food sub-index increased by 1.30 percent in September 2019, up by 0.08 percent points from 1.22 percent recorded in August 2019.

The average annual rate of change of the Food sub-index for the twelve-month period ending September 2019 over the previous twelve-month average was 13.47 percent, 0.01 percent points from the average annual rate of change recorded in August 2019 (13.46) percent.

https://businesspost.ng/economy/nigerias-september-inflation-jumps-to-11-24-as-food-prices-rise/

Waiting for octobers figures....

It must hit 15% and 20% by year end!

Hyper inflation loading!

Buharism.....when your presido no get any certificate!

Local rice cant feed the nation! We eat more than we produce + the quality is Poor due to our methods of production.

When I see agboros with chipped teeth I know its more likely to because of local rise than a brawl.

This border closure na wa oh

Everyone brace up for the inevitable.

Website design without advance payments. Check my signature or profile for details

Still two-digits inflation figures.What else do you expect?Next level suffering reloaded & upgraded. Nigerians brace up.

is expected

Border closure.....

Guygola:
This border closure na wa oh

Is there anything wrong with it?
Are you a smuggler?

OK Naija is yet to see something. They are closing borders where we don't have enough that we sustain us. D 30k minimum wage is now an audio money. What a stupid government! No single hope for d youth. Most Nigerian's youths are living today because of d hope from Bet9ja . What a failed nation! God help us d children of d common man.

THE DULLARD HAS ALWAYS PUT OUR INFLATION RATE TO DOUBLE DIGIT

December own go wost good help us

Yet zombies still think buhari is the best thing to happen to Nigeria.

more to come. there is always other side of every policy. that why there are economic analysis and experts to check and balance which this administration lacks. the common are always suffering from his policies.

Make hunger no kill person for this country

Good, the country needs it. They need to re-evaluate the naira too sha. At least remove one zero. The zeros is way too much and it has turn the currency to a joke.

nwamabo247:
December own go wost good help us

I invested 1 million Naira in the cultivation of Rice and another million in palm oil early this year.

This year would be good for me.

Sukueponmalu:

Is there anything wrong with it?
Are you a smuggler?

Na only d smuggling part una dey talk as against d many negatives

Body go tell una

Juicyjuice:
Yet zombies still think buhari is the best thing to happen to Nigeria.

I put a million into tbe cultivation of rice early this year.

Between you and me who is the zombie?

we

Fragility6:

Na only d smuggling part una dey talk as against d many negatives

Many negatives like smuggling, correct?

Kapeter:
Good, the country needs it. They need to re-evaluate the naira too sha. At least remove one zero. The zeros is way too much and it has turn the currency to a joke.

I agree with this.
We should make 1usd to be equal to 36 naira
And we should bring back the 50 kobo and 1 naira notes

A sachet of pure water which is sold at 10 naira will now go for one naira.

A 5 naira chewing gum will be sold for 50 kobo

One thousand naira note will only be given to people withdrawing up to 1 million (remember that this one million will be the current equivalent of today's 10 million)

ATM would only dispense maximum of 500 naira notes

Bring back the pride of the naira

I doubt that figure. They're suppressing the true figures..

Nawa

Sukueponmalu:

Is there anything wrong with it?
Are you a smuggler?

Must he be a smuggler before the situation on ground affects him?

What have we done to deserve this fate lord
Pls forgive us our sins

Sukueponmalu:

Many negatives like smuggling, correct?

Neatives of the border closure oga. Inflation rates increased, Nigeria manufacturers complaining of losses etc

Bede2u:
I agree with this.
We should make 1usd to be equal to 36 naira
And we should bring back the 50 Lobo and 1 naira notes

the way forward, it's good the country is forcing tax(es) on citizens now, oil isn't just enough, if development is needed then the country needs to make the money. And also the re-evaluation of naira is also very important, yea, it should be something 36 after dropping one zero off. The zeros is just too ridiculously too much. Infact if they can drop two zeros, it will be good. And yes, re-introducing coins and forcing it on the citizens same way they forcing the tax(es) since that is the only language the citizens understand.

Fragility6:

Neatives of the border closure oga. Inflation rates increased, Nigeria manufacturers complaining of losses etc

that's because the manufacturing companies have been cutting corners in sending their goods to neighboring countries. If they've been doing it right, there wouldn't be any problem.

Commentor:


I invested 1 million Naira in the cultivation of Rice and another million in palm oil early this year.

This year would be good for me.

wise man God bless u