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Last updateSam, 31 Jan 2015 7am

Economy: Inflation rate remains at 8%

Lagos, Nigeria - Inflation rate in Nigeria remains at 8% per cent in January, according to the latest report of Nigeria's National Bureau of Statistics (NBS). The private Punch newspaper Thursday quoted the report as saying the Consumer Price Index (CPI), which measures inflation, rose by 8% year-on-year, due mainly to easing of demand following the end of year prices.

“Growth rates have held relatively unchanged for the second consecutive month and continue to find support in the single digit range in line with trends exhibited in 2013,” the NBS report said.

It further said food prices rose at about the same rate year-on-year over the past three months at 9.3%.

“Prices of yams, potatoes and other tubers increased at relatively the same rate over December and January, while the prices rose at a faster rate in meat, fish, dairy and fruit classes,” NBS said.

It also said the price increases in the food sub-index were weighed down by moderate increases in the vegetables, oils and fats classes.

The NBS said after edging higher year-on-year in the second half of 2013, the rate of inflation of the core sub-index eased in January this year.

Pana 14/02/2014