Abuja - Nigeria’s consumer price index measuring the monthly inflationary rate has increased by 0.5 per cent in February, the National Bureau of Statistics (NBS) has reported.
This is contained in a statement issued by Dr Yemi Kale, the Statistician-General of the Federation.
The report said the inflation rate increased from nine per cent in January as the effect of the previous year's reduction in fuel subsidy dropped out of the calculation and food prices decreased to 9.5 per cent as price rose to 0.8 per cent in February.
It said the inflation rate decreased to 9.0 per cent in January from 12.0 per cent in December of 2012 on the year-on-year basis.
"The relative moderation in the headline index during the month of January of 2013 results from base effects.
"The reduction of the Premium Motor Spirit (Petrol) subsidy in January of 2012 led to increases in transportation costs as well as secondary effects as transportation costs affected both food and non-food prices.
"Shocks to prices last year imply that the year-on-year changes exhibited this year will be muted,” the NBS said.
It said that food prices were slightly lower from levels exhibited in December of 2012, as the index declined to 10.1 per cent in January from the 10.2 per cent exhibited in December.
"The marginal decline in food prices is a result of the floods which occurred from July to Mid-October, as well as other demand and supply conditions.
“On the month-on-month basis, the composite CPI increased by 0.62 per cent in January while the food index augmented by 0.8 per cent from December 2012 to January, 2013.
The dry season led to a rise in the prices of bread, cereals, imported food, vegetables, potatoes, yams and fish.”
NBS said further that the core index rose by 1.4 per cent from levels recorded in December of 2012 as it resulted from increases in housing, electricity, gas and other fuels.
Other products affected are liquid fuels (kerosene), actual rental and imputed rent prices, garment prices and non-durable housing goods.