INFLATION STAYS AT 8%---NBS

The National Bureau of Statistics on Wednesday night released the Consumer Price Index for the month of January.

In the report signed by the Statistician-General of the Federation, Dr. Yemi Kale, the bureau said the CPI, which measures inflation; remained unchanged at eight per cent.

The report stated, “In January, the Consumer Price Index, which measures inflation, rose by eight per cent year-on-year.

“Growth rates have held relatively unchanged for the second consecutive month and continue to find support in the single digit range in line with trends exhibited in 2013.”

It further stated that food prices rose at about the same rate year-on-year over the past three months at 9.3 per cent.

It added, “Prices of yams, potatoes and other tubers increased at relatively the same rate over December and January, while the prices rose at a faster rate in meat, fish, dairy and fruit classes.  “Price increases in the food sub-index were weighed down by moderate increases in the vegetables, oils and fats classes.”

The NBS said after edging higher year-on-year in the second half of 2013, the rate of inflation of the core sub-index eased in January this year.

The report stated that there were moderations in various classes, which contributed to the index, including actual and imputed rental prices, garments, solid and liquid fuels and some household furnishings, reflecting an easing of demand following the end of year prices.

 (Punch)