Food prices push June inflation to 8.2% -NBS

JULY 16, 2014 

The National Bureau of Statistics, on Wednesday, released the Consumer Price Index, stating that the country’s inflation rate rose t0 8.2 per cent (year-on-year) in the month of June.

The bureau, in the report, which was made available to our correspondent in Abuja, stated that the 8.2 per cent was an increase of 0.2 percentage point from the eight per cent recorded in May.

The report said, “In June 2014, the CPI, which measures inflation, edged higher from the previous month. Prices rose by 8.2 per cent (year-on-year) in June, up by 0.2 percentage points from eight per cent recorded in May.”

This is the fourth consecutive month of year-on-year increases in inflation since the pace of price increase eased in February.

The report attributed the increase recorded in June to higher prices in the bread and cereals, meats, fish and diary groups.

It, however, said the prices in the food sub inflation were weighed down by relatively slower increases in the oils and fats, fruits and vegetable groups.

On the food sub-index, the report said this increased by 9.8 per cent in June, marginally higher from 9.7 per cent recorded in May.

It said while food prices had increased for the fourth consecutive month (year-on-year), during the first half of the year, the pace of increase in prices had slowed relative to the first half of 2013.

For instance, it said from January to June of 2014, year-on-year rates averaged 9.4 per cent, which is 0.5 percentage points lower than what was recorded in the previous half year.