Nigeria’s Inflation Up To 8.4% In February 2015 – NBS

Ngozi Okonjo-Iweala world bank

Nigeria’s Consumer Price Index (CPI) rose by 8.4 per cent in February,2015 from 8.2 per cent recorded in January, the National Bureau of Statistics [NBS] has said.

According to a release by the Statistician General of the Federation, Dr. Yemi Kale, showed that CPI rose from 8.4 percent (year-on-year), 0.2 percentage points from 8.2 percent recorded in January.

It says all major  Classification of Individual Consumption by Purpose [CIOCOP] divisions that contribute to the index increased at a faster pace during the period, adding that the only exception was the Recreational and Culture Division which increased at a slower pace.

The NBS  also attributes the rise in inflation to “Food prices as observed by the Food Sub-Index increased at a faster pace in February partly driven by increases in prices of imported food items.”

According to the statistical agency, “All major CIOCOP divisions that contribute to the index increased at a faster pace during the period, the only exception being Recreational and Culture Division which increased at a slower pace.

“The faster pace in Divisions that yield the Headline Index was also evidenced in both the Food and Core sub-indices.

“Food prices as observed by the Food Sub-Index increased at a faster pace in February partly driven by increases in prices of imported food items.

“The Imported Food sub-index increased by 8.8 per cent (year-on-year), the highest increase recorded since February 2013.

“The Food Sub-Index rose by 9.4 percent (year-on-year),0.2 percentage points from January.

“By groups, while most groups that contribute to the Food Sub-Index increased at a faster pace during the month, the pace of increase in the Food Sub-Index was weighed upon by a slower increase in the Bread and Cereals group.