The Consumer Price Index (CPI), which measures inflation, rose to 8.3 per cent in July 2014, from 8.2 per cent recorded in June.
This is the fifth consecutive month of year-on-year increases in the headline index.
According to the CPI report released in Abuja yesterday by the National Bureau of Statistics (NBS), the faster pace of price increases recorded in the headline index was as a result of an increase in multiple divisions that contribute to the headline index.
It explained that between February and July, movements in food prices as observed by the Food sub-index have, mirrored the Headline index.
NBS said in a statement, that the Food index edged higher to 9.9 per cent in July from 9.8 per cent in June, explaining that prices were pushed higher as a result of higher prices in the Bread and Cereals, Meats, and Fish groups, while the pace of the increase was weighed upon by slower increases in the Dairy, Sugar, jam, honey, chocolate and confectionery, Coffee, Tea and Cocoa groups.”
After increasing at a faster pace for the previous three months, the report said the pace of price increases measured by the “All items less farm produce” or Core sub-index, eased in July.