News  

Inflation retains 9.2% position in July, says NBS

inflationFrom the National Bureau of Statistics (NBC) has come a report that the Consumer Price Index (CPI) which measures inflation shows that prices of goods and services across the country rose by 9.2 percent in July, retaining the position of the previous month.

This is the first time inflation rate in 2015 has remained in the same position (year-on-year) compared to the rate recorded in June.
According to NBS’s CPI data made available to The Guardian yesterday, the situation in which the inflation numbers for June recurred for July was a result of stability in prices of food and non- alcoholic beverages, among other service oriented sub-sectors.

“Headline index has held at the same rate for the second consecutive month as a result of muted rises in the food and non-alcoholic beverages, housing,
water, electricity, gas and other fuel, and furnishings and household equipment maintenance divisions, among others,” the bureau said.

The index report also revealed that food prices rose by 10.0 percent (year-on-year) in July, increasing at the same pace for the second consecutive month. While the rates recorded in June and July are the highs for the year, a slower increase in the meats, fish, fruits and ‘potatoes, yams and tubers’ groups weighted on the food sub-index as a whole.

Faster price increases were, however, observed in the “bread and cereals”, “milk, cheese and eggs” and “oils and fats” groups, while the pace of increase in the price of vegetables held constant over the June and July.

Receive News Alerts on Whatsapp: +2348136370421


No Comments yet

Related