Thursday, 16 May 2019 07:28

Food prices push inflation up to 11.37% -NBS

NBS: Food prices push inflation up to 11.37%
 

The Consumer Price Index (CPI), which measures monthly inflation, recorded a slight increase of 0.12 per cent in April settling at 11.37 per cent compared to March figure of 11.25. The National Bureau of Statistics (NBS) in its “CPI and Inflation Report for April’’ released yesterday said the high inflation was caused by increase in prices of some foodstuff.

The Bureau, in its monthly inflation bulletin posted on its official website, disclosed that on month-on-month basis, headline index increased by 0.94 per cent in April 2019, which is 0.15 per cent higher than the rate recorded in March 2019, 0.79 per cent. It explained that the percentage change in the average composite CPI for the 12 months period ending April 2019 over the average of the CPI for the previous 12 months was 11.31 per cent, showing 0.09 per cent points from 11.40 per cent recorded in March 2019.
 

“The urban inflation rate increased by 11.70 per cent year-on-year in April 2019 from 11.54 per cent recorded in March 2019, while the rural inflation rate increased by 11.08 per cent in April 2019 from 10.99 per cent in March 2019. “On a month-on-month basis, the urban index rose by 1 per cent in April 2019, up by 0.19 from 0.81 per cent recorded in March 2019, while the rural index also rose by 0.90 per cent in April 2019, up by 0.13 per cent from the rate recorded in March 2019, 0.77 per cent,” the report stated.

 
 

The NBS said the corresponding 12-month yearon- year average percentage change for the urban index was 11.69 per cent in April 2019, lesser than 11.78 per cent reported in March 2019, while the corresponding rural inflation rate in April 2019 was 11 per cent compared with 11.08 per cent recorded in March 2019. According to the stats office, the composite food index rose by 13.70 per cent in April 2019 compared with 13.45 per cent in March 2019. This rise was attributed to increases in meat, fish, oils and fats, bread and ce-reals, milk, cheese and egg, potatoes, yam and other tubers, fruits and vegetables.

 

On a month-on-month basis, the food sub-index increased by 1.14 per cent in April 2019, up by 0.26 per cent points from 0.88 per cent recorded in March 2019.The average annual rate of change of the food sub-index for the 12-month period ending April 2019 over the previous 12-month average was 13.34 per cent, 0.08 per cent point from the average annual rate of change recorded in March 2019, 13.42 per cent.

 

NewTelegraph

Read 306 times