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Inflation in Nigeria stands at 8% – NBS

Published on January 14, 2015 by   ·   No Comments

Statistician-General of the Federation, Dr Yemi Kale

Statistician-General of the Federation, Dr Yemi Kale

The National Bureau of Statistics (NBS) on Tuesday said the inflation rate stood at 8.0 per cent in December 2014, 0.1 per cent higher than 7.9 per cent earlier recorded in November.

This was contained in a statement issued in Abuja by the Statistician-General of the Federation, Dr Yemi Kale.

According to the NBS, in December, the Consumer Price Index (CPI) which measures inflation, rose by 8.0 per cent (year-on-year), 0.1 percentage points from 7.9 per cent recorded in November.

It stated that the rise in food prices was recorded as a result of higher increases in meat, fish and dairy groups.

“The Food sub-index was weighed upon by slower rises in the Bread and Cereals, Oil and Fats, and Fruits groups.

“Food prices edged slightly higher in December as a result of the festive period.

“This implies that inflation has held in the single digit range for 24 consecutive months,” the NBS said.

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