Consumer price index rises

Bureau of statistics says average monthly Food prices remained stable in October 2010

November 19, 2010 12:59AM

Nigeria’s Composite Consumer Price Index (CPI) rose by 13.4 percent year-on-year in October, according to the monthly price statistics report just released by the National Bureau of Statistics.

“This is slightly lower than 13.6 percent recorded in the previous month in the new CPI series. The monthly change of the CPI was 0.3 percent increase when compared with September 2010,” the report dated 16 November stated.

A Consumer Price Index is expected to measure changes over time in the price level of goods and services, purchased especially by households. The annual percentage change in a CPI is usually used as a measure of inflation.

The nation’s bureau said the urban all items monthly index rose by 0.5 percent, while the corresponding rural index recorded 0.1 percent increase when compared with the preceding month; and that the year-on-year average consumer price level, as at October 2010, for urban and rural dwellers, rose by 11.5 and 15.0 percent respectively
Read more: http://234next.com/csp/cms/sites/Next/Money/5643969-147/consumer_price_index_rises__.csp