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Nigeria: Rising Food, Energy Costs Driving Inflation – Sanusi
WARNING: This is Version 1 of my old archive, so Photos will NOT work and many links will NOT work. But you can find articles by searching on the Titles. There is a lot of information in this archive. Use the SEARCH BAR at the top right. Prior to December 2012; I was a pro-Christian type of Conservative. I was unaware of the mass of Jewish lies in history, especially the lies regarding WW2 and Hitler. So in here you will find pro-Jewish and pro-Israel material. I was definitely WRONG about the Boeremag and Janusz Walus. They were for real.
Original Post Date: 2011-04-22 Time: 05:00:05 Posted By: News Poster
By Babajide Komolafe, With Agency Report
Governor, Central Bank of Nigeria, Mallam Lamido Sanusi, said that rising global food and energy costs are driving up inflation in Nigeria.
Responding to the Inflation rate of 12.8 per cent for March released by the National Bureau of Statistics on Tuesday, Sanusi said “Increasing costs of building materials and household items are adding pressure to the inflation rate.”
The March inflation rate represents increase of 170 basis points when compared with the 11.1 per cent for February.
It would be recalled that the apex bank raised the Monetary Policy Rate to 7.5 per cent last month from 6.5 per cent in anticipation of increased inflation.
“We had anticipated, in the light of rising global food and energy prices, that structural pressures would impact on inflation,” said Sanusi.
Fuel costs, specifically for kerosene and diesel that are not covered by government subsidy, are particularly “susceptible to rising prices,” he said.
In its inflation report for March, the NBS said that, “The Composite Consumer Price Index (CPI), which is used to measure inflation, rose by 12.8 per cent year-on-year in March 2011.
This is higher than 11.1 percent recorded in the previous month in the new CPI series. The monthly change of the CPI was 1.37 percent increase when compared with February 2011.”
“The urban All Items monthly index rose by 0.7 percent while the corresponding rural index rose by 1.9 per cent when compared with the preceding month.
The year-on-year average consumer price level as at March 2011 for Urban and Rural dwellers rose by 8.5 and 16.4 per cent respectively.
The percentage change in the average composite CPI for the twelve-month period ending March 2011 over the average of the CPI for the previous twelve-month period was 13.0.
This was slightly lower than the figure for the preceding month.
The corresponding 12- month average percent change for urban and rural indices rose by 10.3 and 15.0 respectively.
“Average monthly food prices rose by 0.4 percent in March 2011 when compared with February 2011 figure.
The level of the Composite Food Index was higher than the corresponding level a year ago by 12.2 per cent. The average annual rate of rise of the index was 13.6 per cent for the twelve-month period ending March 2011.
“The increase in the month-on-month index was caused mainly by upward movement of the prices of some food items like yam, beverages, fruits, vegetables, fish and cereals.
“The “All items less Farm Produce” index which excludes the prices of agricultural products increased by 1.7 per cent in March 2011 when compared with February 2011. The increase was mainly on some household items, building materials, diesel and kerosene.
“In the twelve-month to March 2011, the index rose by 12.8 per cent while the average annual rate of rise of the index was 12.1 per cent for the twelve-month period ending March 2011.
“The ‘All item index’ increased 3.6 per cent in the first quarter of 2011 when compared with fourth quarter of year 2010. This is higher than 1.6 per cent recorded in the fourth quarter.”
Original Source: Original date published: 22 April 2011
