China inflation eases further as farms recover from floods, swine fever

Nigerian inflation rises to 13.71% in September – stats office

The CPI edged up 0.2 percent month on month in September, compared with an increase of 0.4 percent in August.

The consumer price index (CPI), a key gauge of retail inflation, rose 1.7 per cent last month from a year ago, compared with a 2.4 per cent reading in August, according to the National Bureau of Statistics (NBS).

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

"The urban inflation rate increased by 14.31 percent (year-on-year) in September 2020 from 13.83 percent recorded in August 2020, while the rural inflation rate increased by 13.14 percent in September 2020 from 12.65 percent in August 2020", the report said.

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

The rise in Chinese consumer prices slowed for a second successive month in September, official data showed today, as pork supplies bounce back from the devastating African swine fever while farms recovered from flooding.

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.

According to data released yesterday by the Planning and Statistics Authority (PSA) the Consumer Price Index (CPI) for the month of September 2020 stood at 96.45 point.

Pork prices rose 25.5%, but at a slower rate than the more than 100% increases seen in most of the past 12 months.

The composite food index rose by 16.66 per cent in September 2020 compared to 16.00 per cent in August 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 and Oils and fats.

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

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By implication, analysts say as Nigerians look forward to the end of the year, food prices are expected to remain high, as the impact of the deadly coronavirus pandemic and lower crude oil prices at the worldwide markets bites harder on the global economy. Economists in a Reuters poll had expected the index to decline 1.8% after a 2.0% drop in August.

The inflation rate over the first nine months of 2020 amounted to 3.3 percent and is expected to be 3.5 percent this year.



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