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NBS Reports 1.89% Rise In Commodity Group Index in Q3, 2020

The National Bureau of Statistics (NBS) has reported 1.89 percent upward swing in all commodity group import index in the third quarter of year 2020.

The Bureau, which disclosed this in its ‘Commodity price index July to September, 2020’ report, attributed the rise mainly to increase in the prices of products of the chemical and allied industries (9.55 per cent), wood and articles of wood (4.37 per cent), and live animals; animal products (4.06 per cent).

It however noted that the index was negatively affected by decline in the prices of prepared food stuff; beverages (-5.07 per cent), textile and textile articles (-1.07 per cent) and raw hides and skin, leather (-0.92 per cent).

Similarly, the official statistics producing and reporting agency stated that between July and August 2020, the all commodity group index rose by 2.49 per cent.

It attributed the rise in index largely due to the by-products of the chemical and allied industries, which rose by 6.8 per cent, vegetable products (6.07) per cent and animal and vegetable fats and oil (6.05 per cent).

The NBS further stated that the rise was negatively affected by decline in prices of prepared foodstuffs; beverages, spirits and vinegar (-5.19 per cent), textile articles (-2.75 per cent) and raw hides and skin, leather, furskins, etc. (-2.38 per cent).

According to the agency, between August and September 2020, the all commodity group import index decreased by 0.6 per cent mainly due to decrease in prices of animal and vegetable fats and oils and other cleavage products (-5.22 per cent), plastic, rubber and articles (-3.13 per cent) and vegetable products (-2.5 per cent).

Again, it reported that the decline was offset by increase in the prices of wood and articles of wood, wood charcoal and articles (6.13 per cent), products of the chemical and allied industries (2.73 per cent), textile and textile articles (1.68 per cent).

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