The National Bureau of Statistics (NBS), on Tuesday, reported an inflation rate of 7.8 per cent for March 2014.
The latest figures showed that the Composite Price Index (CPI), which measures the average change in price level or inflation rate, rose to 7.8 per cent year-on-year in March from the 7.7 per cent recorded in the previous month.
In the report, the inflation, which increased by 0.1 per cent, was largely boosted by higher prices of food items
The NBS stated that March CPI trend changed the relative stability witnessed in the previous six months as prices moved in a 0.3 percentage points band, hovering between 8.0 per cent and 7.7 per cent.
The six month period ending March 2014 showed food prices were relatively stable as it moved in a 0.1 percentage band between 9.3 per cent and 9.2 per cent.
In the report, the marginal rise in the price level on year-on-year rates in March was as a result of higher prices in the bread and cereals, fish, dairy, oils and fats, and fruits classes.
Though prices increased to 9.3 per cent in March, the NBS stated that prices in the food sub-index, however, weighted down by relatively slower increases in the meats, vegetables, potatoes, and yams and other tubers, classes.
“Prices , measured by the core sub-index, increased at a slower rate, after picking up in the preceding month, rising by 6.8 per cent year-on-year, 0.4 percentage points lower from the year-on-year rate recorded in the preceding month.” the report showed.
The NBS stated that prices increased at a faster rate by 0.78 per cent in March on a monthly basis, compared to February’s 0.3 percentage points, the highest month-on-month increase recorded in the previous year.
“Urban prices increased in March marginally by 7.9 per cent year-on-year, representing a faster rate relative to February which rose by 7.8 per cent. Similarly, Rural prices also increased in March, recording a 7.6 per cent year-on-year change, albeit at a marginally lower rate compared to February’s 7.7 per cent rate” the NBS stated in the report.
