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Published On: Mon, Jun 16th, 2014

Inflation rate up by 0.1% – Bureau

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The National Bureau of Statistics (NBS) yesterday said inflation rate stood at 8.0 per cent in May, 0.1% higher than the 7.9 per cent recorded in April.

This is contained in a statement issued in Abuja by the Statistician-General of the Federation, Dr Yemi Kale.

Kale, in the statement, said, “the price increases seen in May were as a result of higher prices in groups that contribute to both the food and core sub-indices.

“Specifically, food prices edged higher to 9.7 per cent, up from 9.4 per cent in April.

“Prices were pushed higher as a result of higher prices in the bread and cereals, fish, dairy, fruits, and vegetable groups.’’

The statistician-general said the price increases in the food sub-index were however weighed down by relatively slower increases in the meats; oils; fats; potatoes, yams and other tuber classes.

He said prices measured by the “All items less farm produce or Core sub-index” increased at a faster rate in May from April.

Kale added that groups that contributed to the increase in the core sub-index included furniture and furnishings, garments, rental prices, as well as liquid and solid fuels.

“Urban prices increased at a faster rate in May, 8.2 per cent, up 0.3 percentage points from April, after growing at a constant rate in March and April (7.9 per cent year-on-year).

“Rural prices increased by 7.8 per cent in May, also up by 0.3 percentage points from April, and the fastest since Jan. 2014.

“On a month on month basis, movements in the urban and rural indices have largely mirrored the headline index this year’’, the statistician-general said.

He said in May, the urban and rural all-items indices rose by 0.8 per cent and 0.77 per cent respectively.

Kale explained that this was about 0.2 percentage points higher than the rates recorded in April. (NAN)


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