Increase in prices of chemical and allied industries products jerks Commodity group import index in Q3 2020

Increase in prices of chemical and allied industries products jerks Commodity group import index in Q3 2020

The National Bureau of Statistics has disclosed in its ‘Commodity price index July to September, 2020’ report, that the all commodity group import index rose by 1.89 per cent between July and September 2020.

This was driven mainly by an increase in the prices of products of the chemical and allied industries (9.55 per cent), wood and articles of wood (4.37 per cent), and live animals; animal products (4.06 per cent).

However, it was negatively affected by decline in the prices of prepared food stuff; beverages (-5.07 per cent), textile and textile articles (-1.07 per cent) and raw hides and skin, leather (-0.92 per cent).

Between July and August 2020, the all commodity group index rose by 2.49 per cent.

This was driven mainly by products of the chemical and allied industries, which rose by 6.8 per cent, vegetable products (6.07) per cent and animal and vegetable fats and oil (6.05 per cent), but was negatively affected by decline in prices of prepared foodstuffs; beverages, spirits and vinegar (-5.19 per cent), textile articles (-2.75 per cent) and raw hides and skin, leather, furskins e.t.c. (-2.38 per cent).

Between August and September 2020, the all commodity group import index decreased by 0.6 per cent.

This was as a result of decrease in prices of animal and vegetable fats and oils and other cleavage products (-5.22 per cent), plastic, rubber and articles (-3.13 per cent) and vegetable products (-2.5 per cent).

The decline was offset by increase in the prices of wood and articles of wood, wood charcoal and articles (6.13 per cent), products of the chemical and allied industries (2.73 per cent), textile and textile articles (1.68 per cent).