Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.

Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.


Inflation rate rises by 0.5%

18 March 2013, 13:02

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.



Read News24’s Comments Policy

Comment on this story
Comments have been closed for this article.

Read more from our Users

Nigeria @ 56: Words to my green f...

A leader’s job is not to dictate, but rather to be respected, admired and be a trustee, of the land we love, with so much potential, a land which should be freer than free. Its still a long way to fufilling our destiny! Read more...

Submitted by
Isaac Asabor263
Recession: An opportunity for Nig...

The recession should be seen as an opportunity for the country’s promotion as long as we all collectively conduct ourselves in a patriotic manner, writes Isaac Asabor.  Read more...

Submitted by
Black and White

We want to imitate the whites in everything because we are ignorant of our inherent originality and content. We spend all our Naira to acquire his inventions because we so oblivious of our natural endowments that we allow him have it for free. Read more...

Submitted by
Nate Nat
Adamawa State University Mubi: A ...

ADSU integrity forum has accused the Sunday Joshua Wugira, a lawyer, of adopting unorthodox tactics by abusing his privilege by attacking the integrity of ADSU Vice Chancellor Dr. Moses Zira Zaruwa, writes a News24 reader. Read more...

Submitted by
Abdulsalam Jubril
My Country Nigeria (Part One)

Poetry by Abdulsalam Jubril.

Submitted by
Abdulsalam Jubril
Recession, dearth in leadership a...

Every leader has the opportunity to become great and making himself immortal in the lives and hearts of people for generations to come. Will Mr. President seize this opportunity?, questions Abdulsalam Jubril. Read more...