• Saturday, March 02, 2024
businessday logo


Inflation rate steadies at 8.0 per cent in January – NBS


The National Bureau of Statistics (NBS) on Thursday said the inflation rate stood at 8.0 per cent in January, the same rate recorded in December, 2013.

This is contained in a statement in Abuja by the Statistician-General of the Federation, Dr Yemi Kale. It said  the Consumer Price Index (CPI) which measured inflation, has risen by 8.0 per cent year-on-year.

“Growth rates have held relatively unchanged for the second consecutive month and continue to find support in the single digit range in line with trends exhibited in 2013,” it said. “Food prices have risen at the same rate over the past three months at 9.3 per cent (year-on-year), with the largest increases observed in the bread and cereals, meats, sugar, honey, chocolate and confectionery classes.

“Prices of yams, potatoes and other tubers increased at relatively the same rate over December and January, while prices rose at a faster rate in meat, fish, dairy and fruit classes.”

The statement said price increases in the food sub-index were weighed down by moderate increases in the vegetables, and oils and fats classes.

“In January 2014, there were moderation in various classes which contributed to the index, including actual and imputed rental prices, garments, solid and liquid fuels. Others are some household furnishings, reflecting an easing of demand following the end of year prices,’’ it stated.

The statement said the urban composite CPI was recorded at 152.2 points in January, representing an 8.2 per cent increase from levels recorded in January, 2013.

It added that the urban composite index was, however, higher by 0.1 percentage points from the 8.1 per cent year-on-year change recorded in December.

“ The corresponding rural national CPI recorded a 7.8 per cent year-on-year change in January 2014, easing marginally from rates recorded in December 2013, representing 7.9 per cent.

“The rural all items index was recorded at 0.68 per cent (month-on-month), marginally down from 0.76 per cent recorded in December,’’ the statement added.

It said the corresponding 12-month year-on-year average percentage change for the urban index was 8.7per cent, while the corresponding rural index was recorded at 8.3 per cent.

The statement said both were marginally lower from the previous 12 months rates of change by 0.1 percentage point.