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Food Inflation In Nigeria Rises To 17.38% As Inflation Rate Jumps To 14.23% - Business - Nairaland

Nairaland Forum / Nairaland / General / Business / Food Inflation In Nigeria Rises To 17.38% As Inflation Rate Jumps To 14.23% (13830 Views)

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Food Inflation In Nigeria Rises To 17.38% As Inflation Rate Jumps To 14.23% by Ravon: 11:49am On Nov 16
The consumer price index, (CPI) which measures inflation increased by 14.23 percent (year-on-year) in October 2020. This is 0.52 percent points higher than the rate recorded in September 2020 (13.71 percent).

Increases were recorded in all COICOP divisions that yielded the Headline index.

On a month-on-month basis, the Headline index increased by 1.54 percent in October 2020, this is 0.06  percent rate higher than the rate recorded in September 2020 (1.48 percent).

The percentage change in the average composite CPI for the twelve months period ending October 2020  over the average of the CPI for the previous twelve months period was 12.66 percent, showing a 0.22  percent point rise from 12.44 percent recorded in September 2020.

The urban inflation rate increased by 14.81 percent (year-on-year) in October 2020 from 14.31 percent recorded in September 2020, while the rural inflation rate increased by 13.68 percent in October 2020  from 13.14 percent in September 2020.

On a month-on-month basis, the urban index rose by 1.60 percent in October 2020, up by 0.04 from 1.56  percent recorded in September 2020, while the rural index also rose by 1.48 percent in October 2020, up  by 0.08 from the rate recorded in September 2020 (1.40 percent).

The corresponding twelve-month year-on-year average percentage change for the urban index is 13.29  percent in October 2020. This is higher than 13.07 percent reported in September 2020, while the corresponding rural inflation rate in October 2020 is 12.09 percent compared to 11.86 percent recorded in September 2020.

FOOD INDEX

The composite food index rose by 17.38 percent in October 2020 compared to 16.66 percent in  September 2020.

This rise in the food index was caused by increases in prices of Bread and cereals, Potatoes, yam and other tubers, Meat, Fish, Fruits, Vegetable, alcoholic and food beverages and Oils and Fats.

On a month-on-month basis, the food sub-index increased by 1.96 percent in October 2020, up by 0.08  percent points from 1.88 percent recorded in September 2020.

The average annual rate of change of the Food sub-index for the twelve-month period ending October  2020 over the previous twelve-month average was 15.42 percent, representing a 0.29 percent points from the average annual rate of change recorded in September 2020 (15.13) percent.

ALL ITEMS LESS FARM PRODUCE

The ''All items less farm produce'' or Core inflation, which excludes the prices of volatile agricultural produce stood at 11.14 percent in October 2020, up by 0.56 percent when compared with 10.58 percent recorded in September 2020.

On a month-on-month basis, the core sub-index increased by 1.25 percent in October 2020. This was up by

0.31 percent when compared with 0.94 percent recorded in September 2020.

The highest increases were recorded in prices of Passenger transport by air, Hospital and Medical Services,  Passenger transport by road, Pharmaceutical products, Motor cars, Vehicle spare parts, maintenance and repair of personal transport equipment, Hairdressing salons and personal grooming establishments,  Miscellaneous services relating to the dwelling, Paramedical services and shoes and other footwear.

The average 12-month annual rate of change of the index was 9.96 percent for the twelve-month period ending October 2020 representing is 0.19 percent points higher than 9.77 percent recorded in September  2020.

STATE PROFILES

In analysing price movements under this section, note that the CPI is weighted by consumption expenditure patterns which differ across states. Accordingly, the weight assigned to a particular food or non-food item may differ from state to state making interstate comparisons of consumption basket inadvisable and potentially misleading.

All Items Inflation

In October 2020, all items inflation on year on year basis was highest in Zamfara (17.69%), Sokoto  (16.99%) and Ebonyi (16.91%), while Lagos (11.96%), Abuja (11.84%) and Cross River (10.50%) recorded the slowest rise in headline Year on Year inflation.

On month on month basis, however, October 2020 all items inflation was highest in Sokoto (2.91%), Edo  (2.53%) and Akwa Ibom (2.52%), while Oyo (0.69%), Taraba (0.60%) and Jigawa (0.37%) recorded the slowest rise in headline month on month inflation.

Food Inflation

In October 2020, food inflation on a year on year basis was highest in Edo (21.65%), Zamfara (20.88%) and  Kogi (20.58%), while Lagos (14.57%), Ogun (14.47%) and Ondo (14.23%) recorded the slowest rise.

On month on month basis, however, October 2020 food inflation was highest in Kwara (3.88%), Edo  (3.81%) and Sokoto (3.65%), while Oyo (0.57%) and Jigawa (0.54%) and Taraba (0.29%) recorded the slowest rise on a month on month inflation.

SOURCE: https://brandspurng.com/2020/11/16/nigeria-october-2020-inflation-rate-rises-to-14-23-as-food-inflation-jumps-to-17-38/

2 Likes 2 Shares

Re: Food Inflation In Nigeria Rises To 17.38% As Inflation Rate Jumps To 14.23% by Perfectnumber6(m): 2:11pm On Nov 16
Country

2 Likes 1 Share

Re: Food Inflation In Nigeria Rises To 17.38% As Inflation Rate Jumps To 14.23% by elujah1(m): 2:11pm On Nov 16
They will still come and defend, the only consolation I have is that both the supporters of the government and I go to same market, same filling stations, we will enjoy it together

153 Likes 12 Shares

Re: Food Inflation In Nigeria Rises To 17.38% As Inflation Rate Jumps To 14.23% by Evilgenuis: 2:11pm On Nov 16
Sick President, Sick Country angry angry angry

63 Likes 3 Shares

Re: Food Inflation In Nigeria Rises To 17.38% As Inflation Rate Jumps To 14.23% by winterfell007(m): 2:11pm On Nov 16
Nothing surprises me as regards Nigeria. I won't be surprised if inflation reaches 20%.
How can Dangote be selling cement for 3500 and product that shouldn't go far more than 1500 naira. And one idiot will tell me 'buy naija to grow naija' and CPC isn't doing anything to help the active poor masses undecided undecided undecided

76 Likes 3 Shares

Re: Food Inflation In Nigeria Rises To 17.38% As Inflation Rate Jumps To 14.23% by gunners160(m): 2:11pm On Nov 16
things are not just hard but very very hard in this country. Getting a job is hard already not to talk about the age restrictions they use so as to disqualify the poor unlike the rich
The few who are even lucky to graduate on time are being faced with issue of connection and even the few who are connected are asked to get more connections.
Now, things are expensive and they expect the common man to be able to afford them. Thesame person who has no job and does not even knw when and where the next meal will come form, I weak for Nigeria. Even the super chicken who are supposed to make us haply are busy disgracing us. Which way Naija

39 Likes 3 Shares

Re: Food Inflation In Nigeria Rises To 17.38% As Inflation Rate Jumps To 14.23% by gratiaeo(m): 2:11pm On Nov 16
600 years of suffering for anybody that voted for this Buhari calamity government

80 Likes 8 Shares

Re: Food Inflation In Nigeria Rises To 17.38% As Inflation Rate Jumps To 14.23% by Brandonx(m): 2:11pm On Nov 16
By the time buhari and his cronies are done with Nigeria you lot would start running to Benin Republique to do shoroty grin grin grin

8 Likes 1 Share

Re: Food Inflation In Nigeria Rises To 17.38% As Inflation Rate Jumps To 14.23% by bancoleh: 2:11pm On Nov 16
Now that fuel price has gone up cost of transportation is something else, inflation is here to stay, bear with us.
Video editors
learn how to Make a memorial video pics slides effect

https://www.youtube.com/watch?v=zr816WyIzBM
Re: Food Inflation In Nigeria Rises To 17.38% As Inflation Rate Jumps To 14.23% by Kekereekun123: 2:11pm On Nov 16
Real figure is times 3

3 Likes

Re: Food Inflation In Nigeria Rises To 17.38% As Inflation Rate Jumps To 14.23% by joinpreneur(m): 2:12pm On Nov 16
In 2015,

Fuel was ₦87. Now ₦172
Bag of rice was ₦8k. It is now ₦42k
$1 was ₦150. It is now ₦475
Lag-Abj airfare was ₦10k. It is now ₦40k

66 Likes 11 Shares

Re: Food Inflation In Nigeria Rises To 17.38% As Inflation Rate Jumps To 14.23% by seyicodes(m): 2:12pm On Nov 16
Casted nation

1 Like 1 Share

Re: Food Inflation In Nigeria Rises To 17.38% As Inflation Rate Jumps To 14.23% by Opmic: 2:12pm On Nov 16
E never start!

3 Likes 1 Share

Re: Food Inflation In Nigeria Rises To 17.38% As Inflation Rate Jumps To 14.23% by mikendie(m): 2:12pm On Nov 16
Good for buhari voters

3 Likes

Re: Food Inflation In Nigeria Rises To 17.38% As Inflation Rate Jumps To 14.23% by Obosiland: 2:13pm On Nov 16
The new Level, the real level

1 Like

Re: Food Inflation In Nigeria Rises To 17.38% As Inflation Rate Jumps To 14.23% by phelonrays: 2:14pm On Nov 16
shocked
Re: Food Inflation In Nigeria Rises To 17.38% As Inflation Rate Jumps To 14.23% by BigBashiru: 2:14pm On Nov 16
joinpreneur:
In 2015,

Fuel was ₦87. Now ₦172
Bag of rice was ₦8k. It is now ₦42k
$1 was ₦150. It is now ₦475
Lag-Abj airfare was ₦10k. It is now ₦40k

N1000 note is to be blamed for a lot of this inflation.... the reasons why N1000 note is responsible for hardship is given here https://www.nairaland.com/6253011/why-n1000-note-needs-scrapped#95977565

1 Like

Re: Food Inflation In Nigeria Rises To 17.38% As Inflation Rate Jumps To 14.23% by Lorayne(m): 2:14pm On Nov 16
onions inflation rate na 150% o

10 Likes 1 Share

Re: Food Inflation In Nigeria Rises To 17.38% As Inflation Rate Jumps To 14.23% by trutht828: 2:14pm On Nov 16
Blackpanda, mindsplit, may your lives reflect this news. Amen

6 Likes

Re: Food Inflation In Nigeria Rises To 17.38% As Inflation Rate Jumps To 14.23% by emror4u: 2:16pm On Nov 16
FAKE NEWS!!!

We are enjoying here in Nigeria, very low cost for good and services. Fuel is sold at N68 in my area, electricity is N16/KWHR, $1 = N42, 1k can make 2 pots of soup and stew here in Port Harcourt.

OP, stop spreading fake news, bubu till 2050


Ravon:
The consumer price index, (CPI) which measures inflation increased by 14.23 percent (year-on-year) in October 2020. This is 0.52 percent points higher than the rate recorded in September 2020 (13.71 percent).


SOURCE: https://brandspurng.com/2020/11/16/nigeria-october-2020-inflation-rate-rises-to-14-23-as-food-inflation-jumps-to-17-38/

12 Likes

Re: Food Inflation In Nigeria Rises To 17.38% As Inflation Rate Jumps To 14.23% by CocoaOla: 2:16pm On Nov 16
It is finished
Nigeria as failed as a country

But the politicians that lies play mind games and scam common Nigerians will never go unpunished
0.1 trillions years of suffering for them and their families

9 Likes 1 Share

Re: Food Inflation In Nigeria Rises To 17.38% As Inflation Rate Jumps To 14.23% by DaBillionnaire: 2:16pm On Nov 16
Bad news everywhere
Re: Food Inflation In Nigeria Rises To 17.38% As Inflation Rate Jumps To 14.23% by Rgade: 2:22pm On Nov 16
Hmm
Re: Food Inflation In Nigeria Rises To 17.38% As Inflation Rate Jumps To 14.23% by damiloladuke: 2:23pm On Nov 16
ayam tired ...aswear...US next year

Re: Food Inflation In Nigeria Rises To 17.38% As Inflation Rate Jumps To 14.23% by caylakays: 2:23pm On Nov 16
Tomato too cost, transport too cost, everything don add money....las las we go survive am.
I pray it won't get worst after 2023.
The best is just to divide this nation to have independence in each republic.

8 Likes 1 Share

Re: Food Inflation In Nigeria Rises To 17.38% As Inflation Rate Jumps To 14.23% by Rgade: 2:24pm On Nov 16
Inflation rate is 5% for all buhari supporters.

According to APC national Secretariat.

11 Likes

Re: Food Inflation In Nigeria Rises To 17.38% As Inflation Rate Jumps To 14.23% by Nairalandian(m): 2:25pm On Nov 16
emror4u:
FAKE NEWS!!!

We are enjoying here in Nigeria, very low cost for good and services. Fuel is sold at N68 in my area, electricity is N16/KWHR, $1 = N42, 1k can make 2 pots of soup and stew here in Port Harcourt.

OP, stop spreading fake news, bubu till 2050


Who is this farm animal

2 Likes

Re: Food Inflation In Nigeria Rises To 17.38% As Inflation Rate Jumps To 14.23% by Starzo: 2:25pm On Nov 16
Brandonx:
By the time buhari and his cronies are done with Nigeria you lot would start running to Benin Republique to do shoroty grin grin grin
and you're shinning ur teeth while making such a statement??
many Nigerians both home and abroad are naturally wicked...spits

1 Like 1 Share

Re: Food Inflation In Nigeria Rises To 17.38% As Inflation Rate Jumps To 14.23% by Racoon(m): 2:27pm On Nov 16
Next level still unfolding.

1 Like

Re: Food Inflation In Nigeria Rises To 17.38% As Inflation Rate Jumps To 14.23% by iwaeda: 2:27pm On Nov 16
Ravon:
The consumer price index, (CPI) which measures inflation increased by 14.23 percent (year-on-year) in October 2020. This is 0.52 percent points higher than the rate recorded in September 2020 (13.71 percent).

Increases were recorded in all COICOP divisions that yielded the Headline index.

On a month-on-month basis, the Headline index increased by 1.54 percent in October 2020, this is 0.06  percent rate higher than the rate recorded in September 2020 (1.48 percent).

The percentage change in the average composite CPI for the twelve months period ending October 2020  over the average of the CPI for the previous twelve months period was 12.66 percent, showing a 0.22  percent point rise from 12.44 percent recorded in September 2020.

The urban inflation rate increased by 14.81 percent (year-on-year) in October 2020 from 14.31 percent recorded in September 2020, while the rural inflation rate increased by 13.68 percent in October 2020  from 13.14 percent in September 2020.

On a month-on-month basis, the urban index rose by 1.60 percent in October 2020, up by 0.04 from 1.56  percent recorded in September 2020, while the rural index also rose by 1.48 percent in October 2020, up  by 0.08 from the rate recorded in September 2020 (1.40 percent).

The corresponding twelve-month year-on-year average percentage change for the urban index is 13.29  percent in October 2020. This is higher than 13.07 percent reported in September 2020, while the corresponding rural inflation rate in October 2020 is 12.09 percent compared to 11.86 percent recorded in September 2020.

FOOD INDEX

The composite food index rose by 17.38 percent in October 2020 compared to 16.66 percent in  September 2020.

This rise in the food index was caused by increases in prices of Bread and cereals, Potatoes, yam and other tubers, Meat, Fish, Fruits, Vegetable, alcoholic and food beverages and Oils and Fats.

On a month-on-month basis, the food sub-index increased by 1.96 percent in October 2020, up by 0.08  percent points from 1.88 percent recorded in September 2020.

The average annual rate of change of the Food sub-index for the twelve-month period ending October  2020 over the previous twelve-month average was 15.42 percent, representing a 0.29 percent points from the average annual rate of change recorded in September 2020 (15.13) percent.

ALL ITEMS LESS FARM PRODUCE

The ''All items less farm produce'' or Core inflation, which excludes the prices of volatile agricultural produce stood at 11.14 percent in October 2020, up by 0.56 percent when compared with 10.58 percent recorded in September 2020.

On a month-on-month basis, the core sub-index increased by 1.25 percent in October 2020. This was up by

0.31 percent when compared with 0.94 percent recorded in September 2020.

The highest increases were recorded in prices of Passenger transport by air, Hospital and Medical Services,  Passenger transport by road, Pharmaceutical products, Motor cars, Vehicle spare parts, maintenance and repair of personal transport equipment, Hairdressing salons and personal grooming establishments,  Miscellaneous services relating to the dwelling, Paramedical services and shoes and other footwear.

The average 12-month annual rate of change of the index was 9.96 percent for the twelve-month period ending October 2020 representing is 0.19 percent points higher than 9.77 percent recorded in September  2020.

STATE PROFILES

In analysing price movements under this section, note that the CPI is weighted by consumption expenditure patterns which differ across states. Accordingly, the weight assigned to a particular food or non-food item may differ from state to state making interstate comparisons of consumption basket inadvisable and potentially misleading.

All Items Inflation

In October 2020, all items inflation on year on year basis was highest in Zamfara (17.69%), Sokoto  (16.99%) and Ebonyi (16.91%), while Lagos (11.96%), Abuja (11.84%) and Cross River (10.50%) recorded the slowest rise in headline Year on Year inflation.

On month on month basis, however, October 2020 all items inflation was highest in Sokoto (2.91%), Edo  (2.53%) and Akwa Ibom (2.52%), while Oyo (0.69%), Taraba (0.60%) and Jigawa (0.37%) recorded the slowest rise in headline month on month inflation.

Food Inflation

In October 2020, food inflation on a year on year basis was highest in Edo (21.65%), Zamfara (20.88%) and  Kogi (20.58%), while Lagos (14.57%), Ogun (14.47%) and Ondo (14.23%) recorded the slowest rise.

On month on month basis, however, October 2020 food inflation was highest in Kwara (3.88%), Edo  (3.81%) and Sokoto (3.65%), while Oyo (0.57%) and Jigawa (0.54%) and Taraba (0.29%) recorded the slowest rise on a month on month inflation.

SOURCE: https://brandspurng.com/2020/11/16/nigeria-october-2020-inflation-rate-rises-to-14-23-as-food-inflation-jumps-to-17-38/


FAKE NEWS
FOOD IS EVERYWHERE CHEAP AND AFFORDABLE

4 Likes 2 Shares

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