National Bureau of Statistics puts Inflation rate at 7.7%

Posted by Ezeh Fred, Abuja | 17 March 2014 | 3,145 times

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The National Bureau of Statistics (NBS) on Saturday in Abuja released the Composite Price Index (CPI) for the month of February, indicating that the inflation rose by 7.7per cent year-on-year.

Data released by the nation’s apex statistical agency noted that the moderation in year-on-year rates in February was as a result of higher year-on-year changes exhibited in February 2013.

The report, signed by the Statistician General of the Federation, Dr. Yemi Kale, shows that, during this period, prices increased by 0.75 per cent on a monthly basis (the second highest price increase observed during the year) when compared to a moderated increase in the month-on-month rate of change of 0.5 per cent observed in February 2014.

In the same vein, food prices also rose at a relatively slower rate in February 2014.

Part of the report reads: “Food prices, as observed in the Food sub-index, it rose by 9.2 per cent year-on-year. Prices of yams, potatoes and other tubers, vegetables and fruits increased at slower rate in February, while prices of bread and cereals rose at a faster rate during the period.

“The price of meat products grew at the same rate year-on-year, compared with January 2014.

After a brief respite in January 2014, prices in the core sub-index increased at a faster rate in February. Prices rose by 7.2 per cent year-on-year apparently higher than the price increase recorded in January by 0.6 percentage points.

“It should be noted that the Headline Index is made up of the Core Index and Farm Produce items. Processed foods are included in both the Core and Food sub-indices. This implies that these sub-index are not mutually exclusive.

“On a monthly basis, prices increased at a slower rate for the second consecutive month, increasing by 0.5 percent in February, marginally lower than the 0.64 percent increase recorded in January.”

The monthly CPI report further noted that after a slight increase in January (year-on-year) urban price increases moderated as indicated by the Urban Composite CPI whereas the index was recorded at 153.0 points in February, a 7.8 per cent increase from levels recorded in February 2013.

It said: “The price increase was lower than rates recorded in January by 0.4 percentage points. The corresponding Rural National CPI recorded a 7.7 per cent year-on-year change in February 2014, easing marginally from the rate recorded in January (7.8 per cent).

“On a monthly basis, price increases in the Urban All-items index eased for the second consecutive month in February, thus, increasing by 0.5 per cent.

“Similarly, The Rural All Items index further slowed in a similar fashion increasing by 0.49 in February, down from 0.68 percent recorded in January.

“The percentage change in the average Composite CPI for the twelve-month period ending in February 2014 over the average of the CPI for the previous twelve-month period was recorded at 8.3 percent, marginally lower from the 8.4 per cent average twelve month rate of change recorded in January 2014.

“The corresponding 12-month year-on-year average percentage change for the Urban index was 8.5 per cent, while the corresponding Rural Index was recorded at 8.1 per cent. Both were lower from the previous twelve month rates of change by 0.2 percentage points” the report explained.”

•Photo shows Statistician General of the Federation, Dr. Yemi Kale.

Source: News Express

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