The National Bureau of Statistics on Monday released the Consumer Price Index, which indicated that the country’s inflation rate had risen to 12.3 per cent from 11.7 per cent recorded in October.
The bureau in its report signed by the Statistician-General of the Federation, Dr. Yemi Kale, attributed the increase to the floods, which occurred in many parts of the country three months ago.
The floods destroyed farmlands, lives and property, and also left so many people displaced.
An estimate of the damage from the Ministry of Agriculture and Rural Development put Anambra State’s losses at 39 per cent of its cultivated land, making it the worst affected state.
Kogi followed with 28.8 per cent; while Bayelsa, 18.5 per cent; Taraba, 14.2 per cent; Edo, 11.1 per cent; and Adamawa, 10.3 per cent, followed in that order.
Others are Delta, 8.9 per cent; Nasarawa, 6.8 per cent; Niger, 5.4 per cent; Benue, 4.9 per cent; and Kebbi, 1.5 per cent
The NBS report stated, “In November 2012, the composite Consumer Price Index, which measures inflation, rose to 12.3 per cent year-on-year (compared to 11.7 per cent in October). On a year-on-year basis, the relative increase in the headline index in November was as a result of higher prices in both the food and core indices.
“The core sub-index has deviated from its trend over the previous months, increasing to 13.1 per cent; while food prices continue to indicate lagged effects of the floods, which occurred from July to mid-October, as well as other demand and supply conditions.”
The report also said the food index increased year-on-year to 11.6 per cent, adding that on a monthly basis, the composite CPI was higher by 0.60 per cent when compared with October 2012.
It said, “The rise in the food index was as a result of higher food prices in various classes within the index led by bread and cereals due to higher rice prices. Also within this class, gari processing slowed, resulting in higher gari prices.
“There were also increased prices in vegetables due to the dry season, higher potato, yams and other tubers, and higher fish prices.
“The higher food prices continue to reflect the impact of recent floods on the production of farm produce and the resulting difficulty of moving food products to markets across the country, coupled with other processing and seasonal costs.
“The average annual rate of rise of the index for the 12-month period ending in November 2012 was 11.4 per cent when compared to the same period in 2011.”
For the past 12 months, the report said the average CPI for the period was 12.1 per cent, while the corresponding 12-month
year-on-year average percentage change for the urban and rural indices were 14.2 per cent and 10.5 per cent respectively.