BUSI­NESS In­fla­tion edge high in March, records 7.8%

Daily Trust - - NEWS - By Olayemi R. Ibrahim

The Con­sumer Price In­dex (CPI) which mea­sure in­fla­tion edged high in March, the Na­tional Bureau of Sta­tis­tics (NBS) re­port has stated.

The in­fla­tion rate when com­pared with Fe­bru­ary rose to 7.8 per­cent (year-on year) in March, marginally higher from 7.7 per­cent recorded in the pre­vi­ous month.

The monthly re­lease signed by the Statis­ti­cian Gen­eral Dr Yemi Kale re­vealed that re­port in the pre­vi­ous six month, in­fla­tion rates have been rel­a­tively sta­ble, mov­ing in a choppy fash­ion. Prices have moved in a 0.3 per­cent­age point band rang­ing be­tween 8.0 per­cent and 7.7 per­cent.

“Be­tween Oc­to­ber 2013 and March 2014, food prices have also been rel­a­tively sta­ble, mov­ing in a 0.1 per­cent­age band be­tween 9.3 per­cent and 9.2 per­cent. In March specif­i­cally, prices edged higher to 9.3 per­cent. Prices were pushed higher as a re­sult of higher prices in the Bread and Ce­re­als, Fish, dairy, Oils and fats, and Fruits classes.”

Prices in the food sub-in­dex where how­ever weighted down by rel­a­tively slower in­creases in the Meats, Veg­eta­bles, Pota­toes, and Yams and Other tu­bers, classes.

The monthly re­port re­vealed that on a monthly ba­sis, prices in­creased at a faster rate in March, com­pared to Fe­bru­ary. “Prices in­creased by 0.78 per­cent in March, higher than rates recorded in Fe­bru­ary by 0.3 per­cent­age points. This was also the high­est month-on-month in­crease recorded in the pre­vi­ous year.”

Ur­ban prices in­creased at a faster rate in March rel­a­tive to Fe­bru­ary. Prices in­creased by 7.9 per­cent (year-on-year), marginally higher from the 7.8 per­cent recorded the pre­vi­ous month. Ru­ral prices also in­creased in March, al­beit at a marginally lower rate com­pared to Fe­bru­ary. The Ru­ral Na­tional CPI recorded a 7.6 per cent year-on-year change in March 2014, marginally lower from the 7.7 rate recorded in Fe­bru­ary.

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