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Higher food prices push inflation to 8.2% in June

By BusinessNews Staff on July 17, 2014

Nigeria’s Consumer Price Index (CPI) which measures inflation rose to 8.2 percent in June compared to 8 per cent in the previous month, according to the National Bureau of Statistics (NBS).

The NBS has attributed the 0.2 percent rise in headline index to marginal increase in food prices which went up to 9.8 per cent in June from 9.7 per cent previously.

Core inflation also increased 0.4 percent to 8.1 percent in the period under review.
Urban prices increased from 0.2 per cent to 8.4 percent in June while its rural component also increased by 0.2 percent to 8.0 percent in June.

It said:”Prices were pushed higher as a result of higher prices in the Bread and Cereals, Meats, Fish, and Dairy groups. The price increases in the food sub-index were however weighed down by relatively slower increases in the Oils and Fats, Fruits and Vegetable groups.”

[This Day]

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