Average annual rate Food sub-index 17.87% NBS


NIGERIAN Bureau of Statistics, NBS has
said that the average annual rate of change
of the Food sub-index for the twelvemonth
period ending in June 2017 over
the previous twelve-month average was
17.87 percent, 0.39 percent points from the
average annual rate of change recorded in
May (17.48) percent.
This was disclosed in the consumer
price index on the month of June released
yesterday in Abuja.
The ‘’All Items less Farm Produce’’ or
Core sub-index, which excludes the prices
of volatile agricultural produce eased by
0.50 percent during the month of June to
12.50 percent points from 13.00 percent
recorded in May as all key divisions which
contributes to the index increased but at
a decreasing rate. On a month-on-month
basis, the Core sub-index increased by 1.32
percent in June, 0.15 percent points higher
Yam farmers want FG to boost production for export via mechanisation
Osun govt. to provide farmers with agro-chemicals
than the 1.17 percent recorded in May.
The highest increases were recorded in
prices solid fuels, clothing materials and other
articles of clothing and clothing accessories,
liquid fuels, spirits, books and stationeries,
passenger transport by air, garments, shoes
and footwear and motorcycles. The average
12-month annual rate of rise of the index
was recorded at 16.22 percent for the twelvemonth
period ending in June 2017, 0.35
percent points lower from the twelve-month
rate of change recorded in May.
On a month-on-month basis, the Headline
index increased by 1.58 percent in June 2017,
0.30 percent points lower than the rate of 1.88
percent recorded in May 2017. Month on
Month inflation has cumulatively risen by
9.28% since January 2017.
The percentage change in the average
composite CPI for the twelve-month period
ending in May2017 over the average of the
YAM Farmers, Processors and
Marketers Association of Nigeria has
appealed to the Federal Government
to equip their members nationwide
with machines to boost production
for export.
The Secretary General of the
association, Alhaji Isa Adams, made
the call yesterday in Abuja, said that
making the equipment available to
yam farmers would enable them
meet both local and export demands
for the crop.
“We are collaborating with
the government and telling the
government to find a way of
mechanising farming and you know
what it means now for every farmer
to till the ground.
CPI for the previous twelve-month period
was 17.58 percent, lower from 17.63 percent
recorded in May 2017.
The Food Index increased by 19.91percent
(year-on-year) in June 2017, down by 0.64
percent points from the rate recorded in
May (19.27 percent) indicating continued
pressure in food prices. Price movements
recorded by All Items less farm produce
or Core sub-index rose by 12.50 percent
(yearon-year) in June, down by 0.50 percent
points from rate recorded in May (13.00)
percent.
This represents the 8th straight month of
decline in the core index since November
2016 The Urban index rose by 16.15
percent (year-on-year) in June 2017 from
16.34 percent recorded in May, while the
Rural index increased by 16.01 percent in
June from 16.02 percent in May.
On month-on-month basis, the urban
index rose by 1.60 percent in June from
1.84 percent recorded in May, while
the rural index rose by 1.57 percent
in June from 1.92 percent in May. The
corresponding twelve-month year-onyear
average percentage change for the
urban index increased from 18.88 percent
in June to 18.69 percent in May, while the
corresponding rural index also increased
from 16.50 percent in May to 16.56 percent
in June.
The Composite Food Index rose by
19.91 percent in June 2017. The rise in the
index was caused by increases in prices
of meat, bread and cereals, fish, potatoes,
yam and other tubers, oils and fats, milk,
cheese and eggs, coffee, tea and cocoa. On
a month-on-month basis, the Food subindex
increased by 1.99 percent in June, up
by 0.64 percent points from 2.54 percent
recorded in May.



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