The National Bureau of Statistics consumption expenditure survey for 2014 has recorded the highest price increases in potatoes, yams, and other tubers as well as bread, cereals, meat and the fish group.
The survey was based on all goods and services to determine the level of inflation over time in the economy.
The statistical survey report also contains the revised Consumer Price Index based on Nigeria’s Living Standard Survey of 2003/2004.
The 2014 survey was based on all commodities and services widely consumed such as food items, medications, beverages, transportation, education, accommodation, communication and other services rendered in the country.
On a month-on-month basis, the highest price increases were recorded in potatoes, yams and other tubers, bread, cereals, meat and fish groups.
The average annual rate of change of the food sub-index for the 12-month period ending in June 2014 was 9.5 per cent, marginally higher from the average annual rate of change of the 12-month period ending in May 2014 at 9.4 per cent.
From January to June of 2014, year-on-year rates averaged 9.4 per cent, 0.5 per cent lower than the previous half year.
On a month-on-month basis, food prices increased at the same rate of change for three consecutive months by 0.8 per cent.
The prices of non-agricultural related products or services increased at the fastest rate in June 2014 by 8.1 per cent on a year-on-year basis.
This increase was said to have been as a result of price increases across various items in particular electricity prices, jewellery and furniture repair prices.
It was observed that food prices increased by 9.8 per cent in June 2014, marginally higher than that 9.7 per cent recorded in May due to of higher prices of bread and cereals, meat, fish, and dairy groups but were however, weighed down by relatively slower increases in the oils and fat, fruits and vegetable groups.
Urban prices increased at a faster rate for the second consecutive month in June to 8.4 per cent, up 0.2 per cent from May. Rural prices also increased by 0.2 per cent to 8.0 per cent in June.
On a month-on-month basis, prices in the urban areas moved at the same pace in June and May.
The Rural All-items indices rose notwithstanding at a slower pace by 0.74 per cent in June, down from 0.77 per cent in May.
While food prices have increased for the fourth consecutive month (year-on-year), during the first half of the year, the pace of increase in prices slowed relative to the first half of 2013.
The average 12 months annual rate of rise of the index was 7.4 per cent for the 12-month period ending June 2014, up from the previous 12 month rate of change of 0.2 per cent recorded in May.
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