Nigeria’s September inflation rate hits 13.71%, highest in 30 months

Marco Green
October 16, 2020

The rise in the consumer price index slowed to 1.7% in September from the same month past year, down from the 2.4% annual rate in August and a clear indication that the surge in meat imports to combat the domestic shortage had started putting a real lid on prices.

BEIJING-China's consumer price inflation continued to ease in September as pork prices rose at a slower rate, official data showed.

According to the report, the rise in inflation is as a result of increases 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 fix of personal transport equipment, fix of furniture and Paramedical services. Increases were recorded in all Classification of Individual Consumption According to Purpose (COICOP) divisions that yielded the headline index.

Pork prices, one of the key drivers of inflation over the past year amid pork supply shortages caused by the African swine fever crisis, rose 25.5% year-on-year in September, the second consecutive monthly moderation and down from 85.7% growth in July.

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.

The consumer price index (CPI) which measures inflation increased by 13.71 percent (year-on-year) in September 2020.

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.

Meanwhile, the country's producer price index, which gauges factory-gate prices, fell by 2.1 percent on a yearly basis in September, versus a 2.0 percent decline in August, with the slide in petroleum-related prices widening.

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

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In the first three quarters, factory-gate prices were down 2 percent on average from the same period previous year, according to the NBS data. Sluggish core price gains may signal weak underlying activity in the economy."The deflation risk is still looming", said Raymond Yeung, chief greater China economist at Australia and New Zealand Banking Group. Economists in a Reuters poll had expected the index to decline 1.8% after a 2.0% drop in August. A decrease has been recorded in "Miscellaneous Goods and Services" by 1.17 percent and "Food and Beverages" by 0.97 percent.

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