How Fuel Scarcity Forces Nigerians Pay More To Feed – NBS

As the fuel scarcity bites harder in the last two months, Nigerians have been paying more money to get food on their tables, a report made available by the National Bureau of Statistics (NBS) said.

The NBS in its ‘Consumer Price Index (CPI) and Inflation Report of November 2015’, analysis said many Nigerians no longer smile back from the markets as they have to pay more than they have budgeted to get food on their table.

“Food prices as observed by the Food Sub-index increased to the highest rate recorded this year”, NBS said.

The report indicates that Nigerians have in the month of November alone paid 10 percent extra on price of food commodity like bread, milk, fish etc than any other month.

“Prices increased by 10.3 per cent (year-on-year) in November, 0.2 per cent points higher from rates recorded in October. The index was pushed higher as a result of faster increases in the Fish, Bread and Cereals; Vegetable and Meat groups”.

The report further stated that even on a “month-on-month basis”, the Food sub-index increased by 0.8 per cent from October, after a relative moderation in rates for the previous three months.

All groups which contribute to the food sub-index increased at a higher pace, with the highest rises recorded in the Bread and Cereals, Oils and Fats, Vegetables; and Milk, Cheese and Eggs groups. The average annual rate of change of the food sub-index for the 12-month period ending in November 2015 over the previous 12-month average was 9.8 per cent.

The NBS noted that the above analysis was “marginally higher than the average annual rate of change recorded in October at 9.7 per cent. The pace of increases recorded by the “All items less Farm Produce” or Core sub-index, which excludes the prices of volatile agricultural produce increased at the same pace for the second consecutive month, increasing by 8.7 per cent in November.

We appreciate you for reading NewspaperNg Post, but we think it will be better you like our facebook fanpage and also follow us on twitter below.
GET OUR HOT UPDATES DIRECTLY TO YOUR MOBILE PHONE BY TEXTING "FOLLOW Naijawapbase" to 40404