Analysts Say Inflation May Decline to 8.3% September … As Prices of Yam, Sweet Potato, Fish Decrease 27.68%, 17.65%, 13.33%

There are indications that the price movements in consumer goods in September 2014 would increase the Consumer Price Index (CPI) to 161.33 points, representing a month-on-month increase of 0.6 per cent. Thus inflation is expected to reduce to 8.3 per cent in September.
“We estimate that the increase in the CPI in September will produce an inflation rate (year-on-year) of 8.3 per cent, lower than the August 2014 figure of 8.5 per cent.
“Looking ahead, the inflation rate for the month of October 2014 is expected to be lower than the September figure”, said a group of analysts from FSDH. 
The National Bureau of Statistics (NBS) is expected to release the inflation rate figure for the month of September 2014 on October 16, 2014, based on the Data Release Calendar available on the Bureau’s website as at the time of this report.
An analysis of the average prices of a basket of consumer goods selected from across the country monitored by the FSDH Research in September 2014 shows that there was a general fall in the prices of essential food items during the period due mainly to the harvest season, which led to an increase in the supply of food items in the market. There were decreases of 27.68 per cent, 17.65 per cent, and 13.33 per cent in the prices of yam, sweet potatoes and fish respectively. However, there were increases of 2.50 per cent, 24.29 per cent and 8.18 per cent in the average prices of tomatoes, onions and Irish potatoes, respectively; while the prices of rice, garri, beans, vegetable oil, palm oil and meat remained unchanged. The movement in the prices of food items in September 2014 resulted in 0.5 per cent increase in our Food and Non-Alcoholic Index to 164.42 points. We also noticed an increase in the prices of Transport, Housing, Water Electricity Gas, and other Fuels between August 2014 and September 2014

Leave a Reply

Your email address will not be published. Required fields are marked *