Nigeria’s CPI rises by 9.5% in February 2013

Nigeria’s Consumer Price Index CPI has increased by 0.5 per cent to 9.5 per cent in February.

Figures from the National Bureau of Statistics NBS indicate that relative to January’s figure of 9 per cent, the rise in the headline index could be attributed to increases in farm produce prices owing to limited supplies.

For the period under review, the composite food index increased by 11 per cent to 143.3 points higher than the 10.1 per cent recorded in January.

E-BIZ 24/7 reported that Higher prices were observed across all classes in the food sub-index, with the fastest rising prices observed in vegetables, fish, bread and cereals, meat, poultry and dairy products.

The all items less farm produce or core index, which excludes the prices of volatile agricultural products, increased by 11.2 per cent slightly lower than 11.3 per cent recorded in January.

The largest contributors to the increase in the core index were rental prices, as well as prices of motor cars, books, and kerosene.