INFLATION DROPS TO 8.3% The transformation agenda of the President Jonathan administration continues to yield dividends as Inflation drops to 8.3% in September, according to figures released by the National Bureau of Statistics (NBS). The Consumer Price Index (CPI), which measures inflation, moderated to 8.3 per cent in September compared to 8.5 per cent in the previous month. THISDAY Newspaper reports that it would be the first easing in the rate of increase in food prices after inflation rose for three successive months. The NBS, attributed the 0.2 percentage drop in the headline index to a weakened pace of price increases as a result of slower increases in food prices in the period under review. The statistical agency, in its latest CPI figures released yesterday, stated that the food index rose by 9.7 per cent in September, down from 10.0 per cent recorded in August. Similarly, urban and rural prices eased in September, after rising at a faster pace for four consecutive months. The urban CPI rose by 8.4 percent, down from 8.7 percent in August, while the rural component rose by 8.2 percent down from 8.4 percent in the previous month. However, on a month-on-month basis, urban prices increased at the same pace in September as observed in August, according to the NBS. The core index, which excludes the prices of volatile agricultural products, remained firm for the second consecutive month in September as prices rose by 6.3 per cent (year-on-year). Through the first nine months of the year, prices captured by the core sub- index had grown by an average of 7.1 per cent or 0.6 percentage points than the corresponding period last year. Meanwhile, the Senate yesterday said it would pass the 2015 Appropriation Bill before the end of 2014. The statement was made by Deputy Senate President Ike Ekweremadu, while presiding over yesterdays plenary session. Ekweremadu who said the parliament was expecting the 2014 Appropriation Bill from the executive, added that the Senate would accord due attention to the passage of the bill this year. He also said Senate would simultaneously ensure that the Petroleum Industry Bill (PIB) is passed very soon.
Posted on: Wed, 15 Oct 2014 16:46:11 +0000