Consumer Price Index (CPI) for the month of February 2015 has shown that inflationary pressure was mounting, pushing the Headline Index to move up by 8.4 per cent year-on-year, as against 8.2 per cent in January. CPI measures inflation rates and the increase reflects rising cost of goods in the economy.
In the CPI Report released yesterday the National Bureau of Statistics (NBS) said all the components that contributed to the index increased at a faster pace during the period, noting that the only exception was Recreational & Culture which also increased but at slower pace.
According to the report, Food prices as observed by the Food Sub-index increased at a faster pace in February partly due to increases in prices of imported food items. The Imported Food Sub-index increased by 8.8 per cent (year-on-year), the highest increase recorded since February 2013. The Food Sub-index rose by 9.4 per cent (year-on-year).
In the Group report, NBS said while most groups that contributed to the Food Sub-index increased at a faster pace during the month of February 2015, the pace of increase was weighed down by a slower increase in the Bread & Cereals sub-group.
The pace of advances recorded by the “All Items Less Farm Produce” or Core Sub-index increased for the second consecutive month in February, 2015. The Core Sub-index increased by 7.0 per cent (year-on-year), 0.2 percentage points from 6.8 per cent recorded in January 2015.
After increasing at same pace year-on-year fr the previous two months, food prices as measured by the Food Sub-index increased at faster pace in February, 2015, increasing by 9.4 per cent.
On a month-on-month basis, food prices increased at a slower rate in February relative to January, 2015. Food prices increased by 0.7 per cent down from 0.9 per cent. Price increases slowed across most groups that contribute to the Food Sub-index with the exception of Fish Group.