Inflation rose by 8.4 per cent in February’

IN February, the Consumer Price Index (CPI), which measures inflation rose by 8.4 per cent (year-on-year), the National Bureau of Statistics (NBS) said yesterday.

According to the CPI released by the NBS yesterday in Abuja, the new inflation number increased by an estimated 0.2 per cent, as against the 8.2 per cent rise recorded in January.

The report indicated that all major divisions that contributed to the index increased at a faster pace during the period, the only exception being Recreational and Culture Division, which marginally leaped.

It also maintained that faster pace in divisions that yield the Headline Index was also evidenced in both the Food and Core sub-indices.

Food prices, it further said as observed by the Food sub-index, increased at a faster speed last month partly driven by increases in prices of imported food items.

“The Imported Food sub-index increased by 8.8 percent (year-on-year), the highest increase recorded since February 2013. The Food sub-index rose by 9.4 per cent (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. The pace of advances recorded by the “All Items less Farm Produce” or Core sub-index increased for the second consecutive month in February,” the NBS said.