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Bureau of Statistics Says Inflation Rises By 11%

Source: pointblanknews.com
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The National Bureau of Statistics (NBS) on Tuesday, said the inflation

rate in February rose by 11.4 per cent compared to the 9.6 per cent in

January.
This was contained in February 2015 Consumer Price Index (CPI)/ Inflation

Report issued by the NBS in Abuja.
NAN reports that CPI measures the average change over time in prices of

goods and services consumed by people on daily basis.

According to the report, the CPI which measures inflation, has recorded a

significant increase in February.
“The headline index increased by 11.4 per cent year-on-year in February,

roughly 1.76 per cent point higher from rates recorded in January (9.6%).

“The faster pace of increases which led to the overall rise in the

headline index was recorded across almost all major divisions.

“This contributes to the headline index with the exception of the

restaurants and hotels division which increased, albeit at a slower pace.”

After increasing at the same pace for two months, the report said the pace

of food prices as recorded by the food sub-index increased at faster pace

in February.
It said the food index increased by 11.3 per cent, up by 0.71 per cent

point from rates recorded in January.
During the month, it said that all major food groups which contributed to

the food sub-index increased at a faster pace during the month.

“The food sub-index increased at a faster pace with the exception of

potatoes, yams and other tubers and sugar, jam, honey, chocolate and

confectionery groups.
“The 'All Items less Farm Produce' or Core sub-index, increased at a

faster pace in February as imported items as well as other domestic

products, resulting in ripple effects across many divisions.

“The index increased by 11.0 per cent in February, roughly 2.2 per cent

points from rates recorded in January,” it stated.
On a month-on-month basis, the report said that the Headline Index

increased at a faster pace in February relative to January.

Meanwhile, the report said both the urban and rural indices recorded

increases in January.
“The urban index rose by 12.3 per cent (year-on-year) from 9.7 per cent in

the month earlier, and the rural index increased by 10.7 per cent in

February from 9.5 per cent in January.
“On a month-on-month basis, both the urban and rural indices increased at

a faster pace.
“The urban index increased by 3.0 per cent in February from 0.9 per cent

in January, while the rural index increased by 1.8 per cent from 0.9 per

cent in January,” it added.
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