Don't Miss


Home   >   Business   >   Industries   >   Agriculture   >   Food prices raise inflation to 7.9%

Food prices raise inflation to 7.9%

By on December 17, 2013

The National Bureau of Statistics on Sunday released the Consumer Price Index for the month of November.

The report, signed by the Statistician-General of the Federation, Dr. Yemi Kale, said inflation rate in the country rose to 7.9 per cent year-on-year.

This, it said, was a marginal increase of 0.1 percentage point from the 7.8 per cent recorded in October.

According to the report, this is the first time the inflation rate will increase in the last four months.

It, however, noted that the rate remained in a single digit range for the 11th consecutive month.

The report stated that the increase in food classes such as meat, fish, bread and cereals, was responsible for the marginal increase in inflation.

It said, “In November, the CPU, which measures inflation, rose by 7.9 per cent year-on-year, a marginal increase of 0.1 percentage point from 7.8 per cent recorded in October.

“This is the first uptick in year-on-year rates recorded in four months, even as rates remain in single digit range for the 11th consecutive month.

“Similar to the headline index, the food sub-index also increased for the first time in four months.

“Prices increased in major food classes such as meat, fish as well as bread and cereals. However, the impact of the harvest continues to be observed in some classes as moderations were observed in dairy, fruits, vegetables, coffee, tea and cocoa classes.”

The report said while meat, fish and bread recorded increase in prices, there was moderation in the fees of electricity, gas and household appliances.

On a month-on-month basis, the report said the urban all-items index increased by 0.8 per cent in November, while the rural all-items index recorded 0.68 per cent, marginally down from 0.73 recorded in October.

The report also stated that the percentage change in the average Composite CPI for the 12-month period ending in November 2013 over the average of the CPI for the previous 12-month period recorded 8.8 per cent.

This, it said, was 0.4 percentage points lower than the average 12-month rate of change of 9.2 per cent recorded in October.

 

 

[Punch]