Nigeria’s Inflation Rate Falls To 8.3%

Nigeria’s Inflation Rate Falls To 8.3%
October 15 06:22 2014 Print This Article

market_traders_fpThe Consumer Price Index which measures the rate of inflation in the country eased from 8.5 per cent in August to 8.3 per cent in September, the National Bureau of Statistics (NBS) has said in its latest report.

The bureau in its September 2014 CPI/Inflation Report made available to newsmen on Tuesday in Abuja, stated that inflation rate fell by 0.2 per cent and this was the first ease in the rate of increase in food prices after increases in the previous six months.

It said, “In September 2014, price increases as observed by the CPI which measures inflation eased from the previous month. Prices rose by 8.3 per cent (yea r-on- year), down by 0. 2 percentage points from 8.5per cent recorded in August.

“The weakened pace of price increases recorded in the headline index in September was as a result of slower increases in food prices as well as other major classification of individual consumption by purpose divisions that yield the headline index.”

NBS said the food index rose by 9.7 per cent in September, down from 10 per cent recorded in August.

It noted that the ease in the increase in food prices was as a result of slower increases in all groups that contribute to the index.

It said, “This was in contrast to observations in August were a broad array of food groups that contribute to the index pushed the index higher. Increase in prices in the All Items less Farm Product or Core sub-index moved at the same pace for the second consecutive month at 6.3 per cent (year- on- year).

“Prices eased in key divisions such as the housing, water, electricity, gas and other fuels as a result of muted increases in housing prices. The division however recorded an increase in prices in the liquid fuels groups.”

It added that on a month-on-month basis, the headline index rose by 0. 55 per cent in September, up from 0.48 per cent in August, a marginal uptick from the previous month.

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