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Higher food prices push inflation to 8.2%

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Higher food prices push inflation to 8.2%

The Consumer Price Index (CPI), which measures inflation, rose to 8.2 percent in January compared to eight per cent the previous month, according to the National Bureau of Statistics (NBS).
The NBS attributed the 0.2 percentage rise in headline index to increase in food prices.

According to the latest CPI figures which were released on Monday by the statistical agency, inflation rose at a marginally slower pace relative to December as prices rose by 0.81 per cent (month-on-month) in January, lower than the 0.82 per cent recorded in the previous month.

Food prices as measured by the Food sub-index rose by 9.2 per cent in January, roughly unchanged from price increases recorded in December.

The NBS said price increases were marginally higher from the 12-month low recorded in November of 2014 at 9.1 per cent.
On a month-on-month basis, food prices increased by 0.9 per cent in January, increasing at the same pace for the second consecutive month.
However, price increases slowed for all groups yielding the food sub-index except for vegetables, the NBS added.
Meanwhile, Year-on-year, urban inflation increased by 0.3 percentage points to 8.2 per cent in January, while the rural prices also increased marginally from 8.0 per cent in December to 8.1 per cent in January.

On a month-on-month basis, both the urban and rural indices recorded the same pace of increase in January at 0.8 per cent. Price increases have held at the same rate for two consecutive months.
Core inflation which excludes the prices of volatile agricultural produce also picked up in January as prices rose by 6.8 per cent (year-on-year), up from 6.2 per cent in December with the strongest increases recorded in the “housing, water, electricity, gas and other fuels” divisions.

“On a month-on-month basis, the highest price increases were recorded in the vegetables, meat, “Potatoes, yams and other tubers”; and “bread and cereal” groups.

“The average annual rate of change of the Food sub-index for the twelve-month period ending in January 2015 over the previous twelve month average was 9.5 per cent. The twelve-month rate of change has held steady for eight consecutive months,” the report stated.

It stated: “On a month-on-month basis, the highest price increases were recorded in the vegetables, meat, potatoes, yams and other tubers” and “bread and cereal” groups.

“The average annual rate of change of the Food sub-index for the twelve-month period ending in January 2015 over the previous twelve month average was 9.5 per cent. The twelve-month rate of change has held steady for eight consecutive months.”

culled from Business News http://businessnews.com.ng/2015/02/18/higher-food-prices-push-inflation-8-2/

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