By: Hyacinth Chinweuba
Prices of food and imported goods have continued to go up with the Consumer Price Index (CPI) rising to 11.4 percent inflation as at February according to the National Bureau of Statistics (NBS).
The Bureau also disclosed that inflation rate came to 9.6 percent in January.
The NBS said the 1.76 per cent rise was as a result of the faster pace of increase in mostly every major divisions that contribute to the index apart from restaurants and hotels division which rise was described as slow.
The concerns of experts is that this is coming even with the decision of the federal government not to devalue the Naira.
The increase of food prices in February was by 11.3 per cent, up by 0.71 per cent as against what was recorded in January.
The statement from the NBS said “during the month (February), all major food groups which contribute to the food sub-index increased at a faster pace during the month with the exception of potatoes, yams and other tubers group and sugar, jam, honey, chocolate and confectionery groups.
“Imported food items as well as other necessary inputs to producing key local staples such as bread continue to drive the food index higher. The food index increased to 11.3 per cent (year- on-year), 0.7 per cent points higher from rates recorded in January.
“The highest price increases were recorded in the fish, vegetables and bread and cereals groups for the second consecutive month,” NBS said in its monthly inflation report.
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