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Inflation stands at 8.7% in July

19 August 2013, 13:01

Abuja  - The National Bureau of Statistics (NBS) said on Monday that the inflation rate in July stood at 8.7 as against the 8.4 per cent rate recorded in June.

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

"In July, the Consumer Price Index (CPI) which measures inflation rose by 8.7 per cent (year-on-year); this was 0.3 per cent points higher than the 8.4 per cent rate recorded in June.

"While changes in the Headline Index have remained in single digits for the seventh consecutive month, prices edged higher as a result of increases in all 12 COICOP divisions,’’ it stated

The COICOP means Classification of Individual Consumption.

It said the increases were also exhibited in increases in both the Food and Core sub-indices.

It said the Core sub-index recorded its largest month-on-month change since the 1.4 per cent change recorded in January due to changes across non-food sub COICOP Divisions.

The statement said that food prices as exhibited by the Food Sub-index continued to edge higher in July.

"While market began to observe a trickle in of newly harvested crops, their quantities have not been substantial enough to impact prices.

"It should be noted that the Headline Index is made up of the Core Index and Farm Produce items.

"As Processed Foods are included in both the Core and Food sub-indices, this implies that these sub-indices are not mutually-exclusive.

"On a month-on basis, prices rose in July from levels recorded in June albeit at a slightly lower rate in July," it added.

It said the headline index increased by 0.54 per cent, marginally lower than the 0.59 per cent recorded in June.

The urban composite CPI, according to NBS, was recorded at 146.3 points in July, an 8.8 per cent increase compared with levels recorded in July 2012.

"This was also 0.4 percentage points higher than the 8.4 per cent recorded in June 2013.

"The corresponding Rural National CPI recorded an 8.6 per cent year-on-year change, also higher from the 8.3 per cent recorded in June by 0.3 percentage points.

"On a month-on-month basis, both the Urban and Rural All-item indices increased, albeit at slightly lower rates compared to rates recorded in June,'' the statement said.

It said that the Urban All-items index increased by 0.6 per cent, compared to the 0.7 per cent recorded in June.

"While the Rural All Items index increased by 0.5 per cent, marginally lower than the 0.54 per cent recorded in June.

"The percentage change in the average Composite CPI for the twelve-month period ending in July 2013 over the average CPI for the previous period was recorded at 10.0 per cent.

"It was lower than the average twelve month rate of change of 10.4 recorded in June.

"The corresponding 12-month year-on-year average percentage change for the urban index was 11.4 per cent, while the corresponding Rural index was recorded at 9.1 per cent.

"For both rates, this was lower than their respective twelve-month average rates for the period ending in June 2013,"  the NBS said.



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