The report noted that increases were recorded in all Classification of Individual Consumption by Purpose divisions, which contributed to the headline index reflecting higher prices across the board
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“This development arose from a rise of N725.6 billion or 63.3 per cent, in the value of exports (largely due to exchange rate gains)
“In the second quarter of 2016 the value of share capital imported was estimated to be $202.70 million, which as for capital importation as a whole sets the record for the lowest value for the second consecutive quarter.
“The figure represents a decline of 16.77 per cent relative to the previous quarter, and a decline of 84.17 per cent relative to the same quarter of 2015.”
It said while most factors, which contributed to the Headline index increased at a faster pace, the increase was, however, weighed upon by a slower increase in three divisions
It said: “The increase in rates in May relative to April reflects an overall increase in general price level across the economy as all divisions which contribute to the Headline Index increased at a faster pace in May
The report said the total value of Nigeria’s merchandise trade at the end of first quarter of 2016 stood at ₦2,723.9 billion
In the third quarter, the NBS said the country spent N250.329 billion, while in the fourth quarter, N310.866 billion was expended in the importation of petrol.
It said: “The headline index increased by 11.4 per cent year-on-year in February, roughly 1.76 per cent point higher from rates recorded in January (9.6%)se
“They (NBS) need to carry out surveys on labour force, inflation rate, etc and they need more budgetary allocations to be able to perform their mandate
The NBS attributed the increase to a result of higher food and non-food divisions, which include alcoholic beverage, tobacco and kola; clothing and footwear; housing, water, electricity, gas and other fuels divisions
According to the report, the marginal increase was as a result of slower increases in Alcoholic Beverages, Tobacco and Kola, Health, Transport, Recreation and Culture Divisions.
It further stated that the average annual rate of change on the food sub-index for the 12-month period ending in March over the previous 12-month average was 9.5 per cent
“As a result of substantially higher price levels last year, the implications are that the year-on-year changes for this year are likely to be lower