Statistics bureau puts inflation rate for april at 13 per cent

The National Bureau of Statistics (NBS) on Tuesday puts the country’s Composite Consumer Price Index (CPI) used in measuring the monthly inflation rate at about 12.9 per cent for April 2012.

The change, which is higher on a year-on-year basis, according to the bureau, is attributable partly to base effects, as the index was relatively more stable in the corresponding period last year.

The Bureau stated further that on a month-by-month basis, the composite CPI was higher by 0.13 per cent when compared with the previous month’s level, as prices moderated in April.

The increase in the headline index, composed of the core and food indices, was partially due to the higher price levels in the economy.

However, this was moderated by lack of constant liquidity in the economy.

The report stated further that the urban inflation rate stood at 13.4 per cent year-on-year compared to the rural figure which was reported to be 12.4 per cent for April 2012.

The urban All Items index increased by 0.3 per cent on month-on-month, while the corresponding rural index increased marginally by 0.01 per cent, when compared with the preceding month.

“The percentage change in the average composite CPI for the twelve-month period ending April 2012 over the average of the CPI for the previous twelve-month period was 11.1 per cent, up slightly from the 10.9 per cent recorded in the preceding month.

The corresponding 12-month year-on-year average percentage change for urban and rural indices were 10.3 per cent and 11.7 per cent respectively,” the bureau said.

On the Food Index, NBS said the level of the Composite Food Index was higher in April than the corresponding level a year ago by 11.2 per cent
and that when compared with March 2012, average monthly food prices rose in April 2012 by 0.2 per cent.

“The rise in the food index while moderate was mainly due to marginal increases of most food classes, for instance, bread and cereals, meat, and fish, as well as the increasing cost of other food products especially yams and other tubers as they have become relatively scarce due to the drawdown from the end of year harvest. The average annual rate of rise of the index remained at 10.3 per cent (year-on-year) for the 12-month period ending April 2012”

It reported further that the “All items less Farm Produce” index which excludes the prices of volatile agricultural products rose by 14.7 per cent year-on-year, while the average 12 month annual rate of rise of the index was 12.2 per cent for the twelve-month period ending April 2012.

The rise in the “Core” index, according to the agency, “could be attributable to higher price levels in major divisions that compose the index. On a month-on-month basis, the core index increased marginally by 0.1 per cent in April 2012”.

Support PREMIUM TIMES' journalism of integrity and credibility

 

Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.

For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour.

By contributing to PREMIUM TIMES, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.

Donate


NEVER MISS A THING AGAIN! Subscribe to our newsletter

* indicates required

DOWNLOAD THE PREMIUM TIMES MOBILE APP

Now available on

  Premium Times Android mobile applicationPremium Times iOS mobile applicationPremium Times blackberry mobile applicationPremium Times windows mobile application

TEXT AD: New Discovery! Click Here To See A Miracle Device That Can Cure DIABETES, BLOOD PRESSURE, STROKE, ARTHRITIS, PAINS, OBESITY And 50 Other CHRONIC DISEASES Without Drugs Or Herbs.. Click Here Now To See It


All rights reserved. This material and any other material on this platform may not be reproduced, published, broadcast, written or distributed in full or in part, without written permission from PREMIUM TIMES.