Inflation rate rises again, now 11.28%

17 Octobre, 2018, 11:53 | Auteur: Auguste Feret
  • Inflation rate rises again, now 11.28%

The consumer price index, which measures inflation, stood at 11.28% in September from 11.28% recorded in August on a year-on-year basis, data from the National Bureau of Statistics have shown.

Others are Kwara (3.39 percent), Adamawa (2.59 percent) and Kebbi (2.23 percent) had the highest MoM rise in food inflation, while Katsina, Kogi, Nasarawa, Niger and Plateau recorded food price deflation (general decrease in the general price level of goods and services) in September 2018.

"The Consumer Price Index, which measures inflation, increased by 11.28 per cent year-on-year in September 2018".

The bureau stated that food sub-index declined by 0.42 basis point in September to 1.00 percent on a MoM basis while it increased YoY by 0.15 basis point to 13.31 percent in September from 13.16 percent in August.

"The rural inflation rate increased by 10.92 per cent in September 2018 from 10.84 per cent in August 2018", the bureau added.

"Policymakers are likely to look through the latest pick-up in consumer price inflation and focus instead on evidence of cooling economic momentum, including slower core inflation and weaker factory gate price pressures", said Julian Evans-Pritchard, senior China economist at Capital Economics.

Price inflation in non-metallic mineral resources, metal smelting, chemicals and coal mining all slowed in September from previous month, while extraction in oil and natural gas extended its gains.

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The report which was released on Tuesday, October 16, showed that this is the second consecutive month of inflation rise after 18 consecutive months of decline.

Profit growth at China's industrial firms slowed to a five-month low in August, fanning concerns about faltering domestic demand.

The consumer price index (CPI) rose 2.5 percent from a year earlier, in line with expectations of 2.5 percent and accelerating from August' s 2.3 percent gain.

Extreme typhoon weather lashed southern China last month, bringing strong winds and heavy rain, and badly affecting agricultural production, it added.

Adding to the strain on consumers, the cost of diesel and gas jumped more than 20 per cent on previous year. "This rise in the food index was caused by increases in prices of Potatoes, yams and other tubers, vegetables, fruits, meat, milk, cheese and egg, Bread and cereals, and Fish".

If China goes ahead with a 15 per cent tariff on US$60 billion United States goods, it could lead to a one-time impact of a 0.2-0.3 percentage point gain on China's consumer inflation, according to estimates from Morgan Stanley.

Yet, few expect the overall inflation picture to prevent further policy support for the economy.

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