February inflation rate hits double digit of 11.4%
The National Bureau of Statistics (NBS) said yesterday that in February, the national inflation rate in prices of food and services reached a double digit high of 11.4% up from 9.6% in January this year.
According to the Consumer Price Index (CPI) report for February made available to The Guardian yesterday, the February inflation rate was 1.76% points higher than January’s 9.6% rate.
The report further indicated that faster pace of increases which led to the overall increase in the headline index were recorded across almost all major divisions which contributed to the headline index, with the exception of the Restaurants and Hotels division which increased, albeit at a slower pace.
“After increasing at the same pace for two months, the pace of increases of food prices as recorded by the food sub-index increased at faster pace in February.
“The Food index increased by 11.3%, up by 0.71% points from rates recorded in January. During the month, all major food groups which contributed to the food sub-index increased at a faster pace during the month with the exception of the potatoes, yams and other tubers; and sugar, jam, honey, chocolate and confectionery groups.
“The “All items less farm produce” or core sub-index, increased at a faster pace in February as imported items as well as other domestic shocks resulted in ripple effects across many divisions that contribute to the Core.
The index increased by 11.0% in February, roughly 2.2% points from rates recorded in January. On a month-on-month basis, the Headline Index increased at a faster pace in February relative to January.
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