Nigeria’s inflation rate dropped to 14.33% in February – NBS

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Nigeria’s Inflation rate as measured by the Consumer Price Index (CPI) has further dropped from 15.13 percent in January to 14.33 percent in February.

The National Bureau of Statistics (NBS) disclosed this in its CPI report for February released in Abuja.

The Bureau said that the figure showed 13 consecutive reductions in inflation rate since January 2017.

According to the Bureau, this figure is 0.8 percent less than the rate recorded in January (15.13) percent.

The NBS, however, explained that increases were recorded in the Classification of Individual Consumption by Purpose (COICOP) divisions that yield the headline index.

On month-on-month basis, it stated that the headline index was 0.79 percent in February, but the figure was down by 0.01 percent from the rate recorded in January.

It said that the percentage change in the average composite CPI for the 12-month period ended February 2018 over the average of the CPI for the previous 12-month period which was 15.93 percent.

It stated that the figures were 0.29 percent lower than the 16.22 percent recorded in January.

The report further indicated that the Food Index (year-on-year) declined by 1.33 percent from 18.92 percent in January to 17.59 percent in February.

The report also said all major food sub-indexes increased during the month.

It stated that price movements recorded by All Items less farm produce or Core sub-index increased to 11.7 percent (year-on-year) in February.

According to report, the figure was down by 0.4 percent from the rate recorded in January (12.10 percent).

It said the highest increases were seen in prices of fuel and lubricants for personal transport equipment, maintenance and repair of personal transport equipment and narcotics during the month.

The report said increases were recorded in the price of vehicle spare parts, passenger transport by air, clearing, repair and hire of clothing, hospital services, domestic services and household services and glassware, tableware and household utensils.

The Bureau said that the food price index showed inflation at 17.59 percent in February from 18.92 percent in January.

Core inflation was 15.13 percent last month.

Dr Yemi Kale, the Statistician-General, had said in January that he expected that inflation rate would fall faster this year compared with 2017, but that spending ahead of 2019 presidential elections could stoke prices.

Food price inflation has remained in high double digits over the last year.

Kale said the country was in harvest period and output was increasing which would help lower food prices, but household consumption remained fragile after the 2016 recession.

Amaka E. Nliam