By Emmanuel Elebeke
The Consumer Price Index, CPI, or inflationary rate released, yesterday, by the National Bureau of Statistics, NBS, for July showed a slight increase to 8.3 per cent from 8.2 per cent recorded in the previous month.
The rise in the inflation rate was the fifth consecutive month of year-on-year increases in the headline index.
According to the CPI report, the increase from 8.3 per cent represents 0.01 per cent rise from the 8.2 per cent recorded in June.
The CPI report noted that the faster pace of price increases recorded in the headline index were as a result of an increase in multiple divisions that contributed to the headline index.
The report indicated that the food index edged higher to 9.9 percent in July from 9.8 per cent in June.
The release by NBS showed that increases in the prices of some food stuffs, such as grains, bread and meat was responsible for the rise of the inflation rate from 8.2 per cent to 8.3 per cent, while the pace of the increase was weighed upon by slower increases in the dairy, sugar, jam, honey, chocolate and confectionery; and coffee, tea and cocoa groups.
Similarly, the report disclosed that after increasing at a faster pace for the previous three months, the pace of price increases measured by the core sub – index eased in July.
According to NBS, prices during the period under review rose by 7.1 per cent, year-on-year, a full percentage point lower from the rate recorded in June.
It equally noted that slower price increases in the alcoholic beverages tobacco and kola; clothing and footwear; housing water and electricity.
The gas and other fuel; and many other divisions were said to have also contributed to the mooted increases in the core sub -index.
It should be noted that the headline index is made up of the core index and farm produce items.
“On a month on month basis, price increases in the headline index eased for the second consecutive month. Prices increased by 0.65 per cent in July, lower from a 0.77 per cent increase in June. The slower price increase of the headline index in July were driven by a slower rise in all areas that contribute to the index.”