Nigerian market scene
Oscarline Onwuemenyi
17 February 2015, Sweetcrude, Abuja – The National Bureau of Statistics (NBS) has blamed marginal increases in non-food items including electricity, gas prices and other household fuels for an increase in monthly inflation rates, especially in the new year.
According to the agency, the prices of consumer items increased at faster rate in January 2015 than the previous month resulting in a 0.2 percentage points rise in the Consumer Price Index (CPI), which measures inflation up from 8.0 per cent recorded in December 2014 to 8.2 per cent (year-on-year).
“The inflation data from the National Bureau of Statistics (NBS) indicates that the rise in inflation was due to higher prices in Housing, Water, Electricity, Gas and Other Fuels, Furnishings & Household Equipment Maintenance; and Clothing and Footwear Divisions, which make up the Core Sub-index,” the report noted.
According to data obtained from the agency in Abuja, food prices increased at the same pace in January as recorded in December; at 9.2 per cent even though most groups that contribute to the Food sub-index increased at a faster pace during the month. This was countered however by slower rises in the Fish, Fruit, “Coffee, Tea and Cocoa”; and Soft Drinks groups.
“All major classification of individual consumption by purpose (COICOP) divisions that contribute to the index increased during the period,” said the Nigerian Bureau of Standards (NBS).
“Food prices measured by the Food Sub-index held at roughly the same pace of increase in January as in December, while on the aggregate, upward pressure on the Headline index was largely as a result of increasing divisions that contribute to the Core Sub-index.”
The NBS data indicated that after a brief respite in December, the pace of advances recorded by the, “All Items less Farm Produce” or Core sub-index picked up in January. The Core Sub-index increased by 6.8 per cent year-on-year, 0.6 percentage points from 6.2 percent recorded in December.”
It added that prices increased at a faster pace in most major non-food divisions such as “Housing Water, Electricity. Gas and Other Fuels”, “Furnishings & Household Equipment Maintenance”; and “Clothing and Footwear Divisions.”
