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Prices of fish, bread pushes inflation to 7.8%

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 bureau in the inflation report signed by the Statistician General for the Federation, Dr Yemi Kale, attributed the increase to higher prices in the bread and cereals, fish, dairy, oils and fats and fruits classes.

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

For instance, it said prices have 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 have 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.

“Prices were pushed higher as a result of higher prices in the bread and cereals, fish, dairy, oils and fats, and fruits classes.”

The report said that prices in the food sub-index where,however, weighted down by relatively slower increases in the meats, vegetables, potatoes and yams and other tubers, classes.

It stated that prices measured by the core sub- index increased at a slower rate in March, after picking up in February.

On a monthly basis, prices also increased at a faster rate in March, compared to February.

“Prices increased by 0.78 per cent in March, higher than rates recorded in February by 0.3 percentage points.

” This was also the highest month-on-month increase recorded in the previous year. Urban prices increased at a faster rate in March relative to February,” it added.

The percentage change in the average composite CPI for the twelve-month period ending in March 2014 over the average of the CPI for the previous twelve-month period was recorded at 8.2 per cent,marginally lower from the 8.3 per cent average twelve month rate of change recorded in February 2014.

The corresponding 12-month year-on-year average percentage change for the Urban index, it added, was 8.4 per cent, while the corresponding Rural index was recorded at 8.1 per cent.

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