A report released by the National Bureau of Statistics on Tuesday, January 13, has revealed that inflation rate in the country rose by 0.1 per cent to move from 7.9 to 8 per cent in November, an increase which it ascribes to the increased spending during the festive periods.
The report, tagged ‘Consumer Price Index’ for the month of December 2014, said with the inflation rate at 8 per cent, the country had now seen a single digit-range for 24 consecutive months.
The report also said that in December, the country witnessed a faster pace of increase in inflation as a result of advances in a broad array of divisions that yielded the headline index.
“This implies that inflation has held in the single-digit range for 24 consecutive months. Specifically in December, the faster pace of price increase recorded by the headline index was as a result of advances in a broad array of divisions that yield the headline index.
“Food prices edged slightly higher in December as a result of the festive period.”
As a result of the high spending during the festive period, the report explained that the food sub-index rose by 9.2 per cent (year-on- year), up from 9.1 per cent recorded in November.
This, it added, was the first uptick in rates of food prices observed in four months.
The report stated that while higher increases were recorded in the meat, fish and diary groups, the food sub-index was weighed upon by slower rises in the bread and cereal, oil and fats, and fruit groups.