According to the NBS, on a month-on-month basis, the headline index increased by 1.48 per cent in September 2020.
"The average annual rate of change of the Food sub-index for the twelve-month period ending September 2020 over the previous twelve-month average was 15.13 percent, 0.26 percent points from the average annual rate of change recorded in August 2020 (14.87 percent)", it added. Classification of Individual Consumption According to Purpose (CIOCOP) has been used, which divided the prices basket to twelve main groups, started with "Food and Nonalcoholic beverages" group, and to end up with "Miscellaneous goods and Services" group.
China's industrial deflation continued in September the producer price index fell 2.1% from a year earlier, the National Bureau of Statistics said, slightly deeper than the 2.0% reading in August (which was the lowest since March when the PPI fell 1.5%).
China's consumer inflation slowed in September, driven by a moderation in food price gains.
Pork prices rose 25.5% year-on-year in September, slowing from a 52.6% increase in August.
The corresponding 12-month year-on-year average percentage change for the urban index is 13.07 per cent in September 2020. In the meantime, the CPI, or the consumer price index saw quite a phenomenal increase for the fourth month.
On a month-on-month basis, the headline index increased by 1.48 per cent in September 2020.
"We are starting to see stronger momentum in consumer spending over the last two months, but a more widespread improvement in price pressure is going to take some time".
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.
"Looking through the volatility in food prices, the broader disinflationary impact from the Covid-19 downturn continued to ease", said Julian Evans-Pritchard, senior China economist of Capital Economics.
This was down by 0.11 per cent when compared with 1.05 per cent recorded in August 2020.
Food prices, which account for almost one-third of the weighting in the country's CPI, climbed 0.4 percent month on month in September, with the pace of growth decelerating from 1.4 percent in the previous month.