Bureau of Statistics Says Inflation Rises By 11%
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
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
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
“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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