Nigeria’s inflation rate rises by 1.05% – NBS

• Price of Kerosene increased by 12.40 % year-on-year

Nigeria’s Consumer Price Index (CPI), otherwise referred to as inflation rate for goods and services, rose for the second time in two months after 18 months of consecutive deceleration.

The National Bureau of Statistic (NBS), in its latest CPI report made public on Tuesday said the figure climbed again by 1.05 per cent, from 11.23 per cent in August to 11.28 per cent in September.

The report showed that food inflation rose to about 13.31 per cent, from 13.16 per cent in the previous month.

Despite the rising figures, the NBS said core inflation, which reflects the actual inflation figure for the country’s economy dropped marginally to about 9.8 per cent from 10 per cent, a movement analysts say is close to government target of single inflation rate in the foreseeable future.

NBS further said in the report that the average price per litre paid by consumers for National Household Kerosene increased to N297.28 in September from N288.75 recorded in August.

The NBS disclosed this in its National Household Kerosene Price Watch for September released in Abuja on Tuesday.

The bureau said the price of Kerosene increased by 2.95 per cent month-on-month and 12.40per cent year-on-year.

It named states with the highest average price per litre of kerosene to include Abuja (N350.00), Niger (N337.88), and Enugu (N344.67).

It said the states with the lowest average price per litre of kerosene were Borno (N250.00), Abia and Kogi (N241.67) and Kwara (N235.28).

According to the bureau, the average price per gallon paid by consumers for Kerosene increased by 3.95 per cent month-on-month and by 15.75per cent year-on-year.

The NBS said the price per gallon paid by consumers for kerosene increased to N1,127.05 in September from N1,084.24 paid in August.

It said the states with the highest average price per gallon of kerosene were Ebonyi (N1260.00), Jigawa (N1258.33) and Ekiti (N1253.33).

According to NBS, the states with the lowest average price per gallon of kerosene are Benue (N1016.64), Bayelsa (N994.90) and Akwa Ibom (N956.01).