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Inflation rate up by 1.0%

16 June 2014, 15:54

Abuja - The National Bureau of Statistics (NBS) on Monday said inflation rate stood at 8.0 per cent in May, 1.0 percent higher than the 7.9 percent recorded in April.

This is contained in a statement issued in Abuja by the Statistician-General of the Federation, Dr Yemi Kale.

Kale, in the statement, said, "the price increases seen in May were as a result of higher prices in groups that contribute to both the food and core sub-indices.

 "Specifically, food prices edged higher to 9.7 percent, up from 9.4 percent in April.

"Prices were pushed higher as a result of higher prices in the bread and cereals, fish, dairy, fruits, and vegetable groups.’’

The statistician-general said the price increases in the food sub-index were however weighed down by relatively slower increases in the meats; oils; fats; potatoes, yams and other tuber classes.

He said prices measured by the "All items less farm produce or Core sub-index” increased at a faster rate in May from April.

Kale added that groups that contributed to the increase in the core sub-index included furniture and furnishings, garments, rental prices, as well as liquid and solid fuels.

"Urban prices increased at a faster rate in May, 8.2 percent, up 0.3 percentage points from April, after growing at a constant rate in March and April (7.9 percent year-on-year).

Rural prices increased by 7.8 per cent in May, also up by 0.3 percentage points from April, and the fastest since Jan. 2014.

"On a month on month basis, movements in the urban and rural indices have largely mirrored the headline index this year’’, the statistician-general said.

He said in May, the urban and rural all-items indices rose by 0.8 per cent and 0.77 per cent respectively.
Kale explained that this was about 0.2 percentage points higher than the rates recorded in April.

-     NAN

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