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NBS releases February CPI as inflation rises to 9.5%

By on March 20, 2013

The National Bureau of Statistic (NBS) has release the Composite Price Index (CPI) for February, 2013 with inflation rising by 9.5% year on year compared to 9.0% in January.

In releasing the February CPI, the Statistician General of the Federation, Dr. Yemi Kale said that relative to January, the rise in the headline index could be attributed to increase in farm produce prices due to limited supplies adding that virtually all classes of the core index also witnessed increases while the prices of processed foods recorded stability.

The February CPI recorded increase by 0.75% month-on-month from index level recorded in January.

The Composite Food Index increased by 11.0% year on year rising to 143.3 points, apparently 0.9% points higher than the 10.1% recorded in January. It also added that on a month-on-month basis the Food index increased by 0.7% from January to February.

Higher prices were apparently observed across all classes in the food sub-index with high percentage recorded in January, also the corresponding Rural Composite CPI recorded a 9.5% year on year change showing a rise from 9.1% in January.

 

 

[Daily Times]