Electricity, Kerosene Push Inflation to 17.9% in September

0
6
Yemi Kale, CEO, NBS

– 

IN September, the Consumer Price Index which measures inflation across the country increased by 17.9 percent year-on-year, up from the 17.6 percent recorded in August 2016. According to the National Bureau of Statistics, energy and energy-related prices continue to be the largest increases reflected in the core sub-index.

It stated that in September, the core sub-index increased by 17.7 percent during the month, up by 0.5 percent points from rates recorded in August (17.2 percent). The NBS said, “During the month, the highest increases were seen in the electricity, liquid fuel (kerosene), solid fuels, and fuels and lubricants for personal transport equipment groups. “Communication and restaurants and hotels recorded the lowest rates of increase of the 12 divisions, growing by 5.6 percent and 9.6 percent respectively.”

The bureau noted that the food sub index increased by 16.6 percent year-on-year in September, up by 0.19 percent points from rate recorded in August (16.4 percent). It stated that a number of groups within the food index recorded falls in the rate of price increases, including fish, which had previously been a key driver, as well as oils and fats, and fruits.

The NBS said price movements recorded by all items less farm produce or core sub-index increased by 17.7 percent year-on-year in September, up by 0.5 percent points from rates recorded in August (17.2 percent).

“During the month, the highest increases were seen in clothing materials, other articles of clothing and clothing accessories, garments, shoes and other footwear, books and stationeries, jewellery, clocks and watches, and motorcycles.”

The bureau further noted that the percentage change in the average composite CPI for the 12-month period ending in September 2016 over the average of the CPI for the previous 12-month period was 13.5 percent, higher from 12.7 percent recorded in August.

It said, “The corresponding 12-month year-on-year average percentage change for the urban index increased from 13.6 percent in August to 14.4 percent in September, while the corresponding rural index also increased from 12 percent in August to 12.6 percent in September.” – Punch

—  Oct 24, 2016 @ 01:00 GMT

|

(Visited 17 times, 1 visits today)
Click Banner for Details
Loading...