The all-commodity group import index increased by 0.13 per cent between October and December 2020.
The National Bureau of Statistics disclosed this in its report titled ‘Commodity prices indices and terms of trade, Q4, 2020’.
This was driven mainly by an increase in the prices of base metals and articles of base metals (1.0 per cent), boilers, machinery and appliances; parts thereof (1.03 per cent), and products of the chemical and allied industries (0.75 per cent).
However, it added, the index was negatively affected by animal and vegetable fats and oils and other cleavage production (-1.06 per cent), prepared foodstuffs; beverages, spirits and vinegar; tobacco (-0.66 per cent) and plastic, rubber and articles thereof (-0.37 per cent).
Between October and November 2020, the all-commodity group import price index decreased by 0.23 per cent.
The index was driven by decreases in the import prices of boilers, machinery and appliances (-1.77 per cent), prepared foodstuffs, beverages, spirits and vinegar (-1.35 per cent) and animal and vegetable fats and Oils (-1.20 per cent).
It was offset by increase in the prices of products of the chemical and allied industries (1.48 per cent), wood and articles of wood, wood charcoal and articles (1.18 per cent) and mineral products (0.49 per cent).
Between November and December 2020, the all-commodity group import index grew by 0.36 per cent, driven by increase in import prices of boilers, machinery and appliances (2.80 per cent) as well as base metals and articles (1.91 per cent).
It was negatively affected by fall in prices for products of the chemical and allied industries (-0.73 per cent), mineral products (-0.71 per cent) and wood and articles of wood, wood charcoal and Articles (-0.58 per cent).
A commodity price index is a weighted average of selected commodity prices, according to the NBS.
It is an index that tracks a basket of commodities to measure their performance.
Export and import price indices measure the overall change in the prices of transactions in goods and services between the residents of an economic territory and residents of the rest of the world.
A price index assumes a value of 100, in the reference period.
The values of the index for other periods of time show the percentage change in prices from the reference period.