Increase in food prices pushes inflation to 8.7%

National Bureau of Statistics released the Consumer Price Index report, indicating that the increase in the prices of meat, oils, potatoes, yams and other tuber classes had pushed the inflation rate up by 8.7 per cent.

The report, which was signed by the Statistician-General of the Federation, Dr. Yemi Kale, and sent to our correspondent through the e-mail, said the July figure of 8.7 per cent in the inflation rate was 0.3 percentage points higher than the 8.4 per cent rate recorded in June.

The report stated that  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 divisions.

It added that food prices, as exhibited by the food sub-index, continued to edge higher in July.