Food Prices Push up Inflation

By FABIAN ANAWO,
Monday, October 3, 2005.

THE rising cost of foods and other consumables is pushing inflation figures into the high heavens. Inflation rate for July 2005 was 14.2 per cent as against 12.9 per cent in June.

Also, the composite Consumer Price Index (CPI) was up by 7.4 per cent in July. The CPI measures average changes in retail prices of goods and services in urban and rural areas on monthly basis.

The July edition of Stastical News, a publication of the Federal Office of Statistics (FOS), which rolled out the figures said Index which stood at 142.3 in June rose to 152.9 in July.

The publication said the increases were as a result of the rise in the prices of some food items, tobacco and household goods.
It said urban all-item Index rose by 2.8 per cent during the month in review while the rural all-item index increased by 9.6 per cent.

Similarly. The year on year average consumer price level increased by 26.1 per cent.
Composite Food Index also shot up to 12.8 per cent in July because of increases in prices of rice, maize, millet, guinea corn, meat, sea food, sugar, salt, fruit, vegetables, amongst others.