NBS; Inflation rate unchanged at 8%

The National Bureau of Statistics (NBS) on Wednesday night released the Consumer Price Index (CPI). The report stated, “In January, the CPI which measures inflation rose by 8% year-on-year.

In the report signed by the Statistician-General of the Federation, Dr. Yemi Kale, the bureau said the CPI, which measures inflation; remained unchanged at 8% for the month of January.

“Growth rates have held moderately unchanged for the second successive month and continue to find support in the single digit range in line with trends exhibited in 2013.”

It further stated that food prices rose at about the same rate year-on-year over the past three months at 9.3%. Prices of tubers increased at relatively the same rate over December and January, while the prices rose at a faster rate in meat, fish, fruit classes and dairy.

The report stated that there were moderations in various classes, which contributed to the index, including actual and imputed rental prices, garments, solid and liquid fuels and some household furnishings, reflecting an easing of demand following the end of year prices.

The NBS said after edging higher year-on-year in the second half of 2013, the rate of inflation of the core sub-index eased in January this year.