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Fish, bread prices push inflation to 7.8% – NBS

By BusinessNews Staff on April 17, 2014

The National Bureau of Statistics has released the Consumer Price Index for the month of March, stating that inflation rose by 7.8 per cent from 7.7 per cent recorded in the month of February.

The NBS, in the inflation report signed by the Statistician-General of the Federation, Dr. Yemi Kale, attributed the increase to higher prices in the bread and cereals, fish, dairy, oils and fats and fruit classes.

The report released on Tuesday stated that over the previous six-month reporting period, the inflation rate had been relatively stable.

For instance, it said prices had moved in a 0.3 percentage point band, ranging between 8.0 per cent and 7.7 per cent.

Between October 2013 and March 2014, it stated that food prices had also been relatively stable, moving in a 0.1 percentage band between 9.3 per cent and 9.2 per cent.

It said, “In March, the CPI, which measures inflation, edged higher when compared with February. Prices rose by 7.8 per cent (year-on-year) in March, marginally higher from 7.7 per cent recorded in the previous month.

“Over the previous six-month reporting period, 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 per cent and 7.7 per cent.”

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