INFLATION: STILL UP BUT NOT GALLOPING

Inflation in Nigeria, as reflected by consumer price index (CPI) released by the National Bureau Of Statistics (NBS) for September, is still rising but it has stopped galloping.

According to the CPI released yesterday, inflation rate in Nigeria now stands at 17.9%, up marginally on the 17.6% recorded in August.

However, this implies though that galloping inflation which was the order of the day since late 2015 has finally fizzled out as marginal increases were recorded in August and now, September.

It remains a rather high double digit figure though especially as it continues to rise even though at a lower rate.

Indeed, like for August, the current rate remains the highest recorded in the month of September since the base year was established in November 2009.

Anything close to it was recorded up to 2012 which, in fact, makes the current double digit felt by Nigerians strangely after three consecutive years of single digit.

In September 2010 the year on year rate was 13.7%; dropping to 10.3% a year later before rising slightly to 10.9% by September 2012.

From then to September 2015, it was single digit all the way. It stood at 8.25% in September 2013 which still represents sharpest drop since 2009 and then climbed marginally to 8.32% by September 2014.

By September 2015, the current pressures were already gathering momentum but it still ended at 9.35%.

The inflation rate, says NBS continues to be under pressure from energy related prices; the price of some food items and wears.

The food index for September still shows that across the board prices are still increasingly more than twice levels at base year since May this year.

The all items less farm produce index was up too but in spite of downward trends in fish, oil and fats and because of new highs in prices of clothing, shoes, books, stationery and jewellery, amongst others

Communication and Hotel charges contributed far less to the September pressure recording 5.6% and 9.6% growth rates respectively, year on year.

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