Food Inflation Rises To 10.1% – NBS

Wuse-market-Abuja

The nation’s Consumer Price Index which measures inflation rose again in August to 9.3 per cent, an increase of 0.1 per cent over the July figure, and staying above the Central Bank of Nigeria’s target upper limit, the National Bureau of Statistics said in its monthly report on Sunday.

Food inflation rose marginally to 10.1 per cent year-on-year in August versus 10.0 per cent in July.

“The marginal increase was as a result of slower increases in alcoholic beverages, tobacco and kola, health, transport and recreation and culture divisions,” the NBS said.

“On a month-on-month basis, the pace of increases of food prices … has slowed, contributing to the relatively slower (overall) pace of increases,” it added.

The nation’s inflation rate rose above the central bank’s upper limit of nine per cent in June and is at the highest level since February 2013.

On a month-on-month basis, the pace of increases of food prices as reflected by the food sub-index has slowed, contributing to the relatively slower pace of increases reflected on the year-on-year rates between July and August, NBS said.

In August, food prices increased at a marginally higher pace relative to July, NBS said. It added that food prices increased by 10.1 per cent as prices of fruits, vegetables; and potatoes, yams and other tubers groups grew at a slower pace and weighed on the index.

The report also said that on the average, consumers across the country paid N104.48 for a litre of Premium Motor Spirit popularly known as petrol in the month of August.

The statistics showed that despite the regulation and subsidy on petroleum products by the Federal Government, fuel still sells higher than the official price of N87 per litre across the country.

However, comparative statistics showed that the average price of N104.48 is the least consumers paid for PMS across the country in the last four months, May to August.

President Muhammadu Buhari has steered the ship of state since May 29. The average monthly price has been declining since then.

In the month of May, the average price of PMS was put at N118.36 per litre. This declined to N112.13 in June; N107.35 in the month of July and N104.48 in the month of August.

In the months before May, petrol sold for N103.65 per litre in the month of January; N93 per litre in the month of February; N103.85 per litre in the month of March and N104.13 per litre in the month of April.

At N88.13 per litre, consumers in Oyo State paid the least for petrol in the month of August. This shows that the price of the product declined in the state from the price of N99.16 in the month of July.

Ironically, consumers in Bayelsa State which is one of the major oil-producing states of the country paid the highest price of N132.43 per litre in the month of August. Consumers in the state had paid an average price of N 152.86 per litre in the month of July and N155 per litre in the month of June.

In Rivers State, on the average, petrol sold for N100.33, N110.57, N113.38, and N99.71 per litre in the months of May, June, July and August respectively.

The statistics reported the average monthly prices actually paid by households for PMS across the 36 states of the federation and the Federal Capital Territory.

 

[Businessnews]

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