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Nigeria’s Inflation Rate Decelerates To 14.33% In February

The Consumer Price Index (CPI) which measures inflation increased by 14.33 percent (year-on-year) in February 2018, representing the 0.8 percent points less than the rate recorded in January and 13th  consecutive month of slower pace in its rising trend.

The Consumer Price Index (CPI), which measures the pricing trend in an economy published by the National Bureau of Statistics (NBS) Wednesday indicated that increases were recorded in all COICOP divisions that yielded the Headline Index during the month.

The report reflected that on a month-on-month basis, the Headline index increased by 0.79 percent in February 2018, down by 0.01 percent points from the rate recorded in the preceding month.

The Bureau reported further 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 was 15.93 percent, showing 0.29 percent point lower from 16.22 percent recorded in January 2018.

During the month under review, the Food Index increased by 17.59 percent (year-on-year), down by 1.33 percent points from the 18.92 percent rate recorded in January 2018 while all major food sub-indexes increased.

The NBS’ report showed that price movements recorded by All Items less farm produce or Core sub-index increased by 11.7 percent (year-on-year) in the month under review, down by 0.4 percent points from the rate recorded in January (12.10) percent.

According to the official statistics producing agency, the highest increases were seen in prices of Fuel and lubricants for personal transport equipment, Maintenance and repair of personal transport equipment, Narcotics, 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.

It stated further: “The Urban inflation rate rose by 14.76 percent (year-on-year) in February 2018 from 15.56 percent recorded in January, while the Rural inflation rate also eased by 13.96 percent in February 2018 from 14.76 percent in January.

“On month-on-month basis, the urban index rose by 0.82 percent in February 2018, down by 0.01 from 0.83 percent recorded in January, while the rural index also rose by 0.77 percent in February 2018, showing no difference with the rate recorded in January.

“The corresponding twelve month year-on-year average percentage change for the urban index is 16.24 percent in February 2018. This is less than 16.55 percent reported in January, while the corresponding rural inflation rate in February 2018 is 15.64 percent compared to 15.89 percent recorded in January”, the Bureau added.



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