…Posts 17.8% in February
In the month of February, Nigeria’s headline inflation fell 0.94 percentage points to 17.78 percent (year-on-year) from 18.72 percent in January, the National Bureau of Statistics (NBS) said Tuesday.
“This represents the first time in 15 months that the headline CPI has declined on year on year basis, representing the effects of slower rises in already high food and non-food prices and favourable base effects over 2016 prices,” the NBS said.
On a month-on-month basis, the Headline index increased by 1.49 percent in the period, 0.48 percentage points higher from the rate of 1.01 percent recorded in January.
During the month, the highest year on year increases were seen in electricity, Liquid and solid fuels, Fuels and lubricants for personal transport equipment, Clothing materials, other articles of clothing and clothing accessories and book and stationaries.
The Food Index increased by 18.53 percent (year-on-year) in February, up by 0.71 percent points from raterecorded in January (17.82) percent driven by increases in the prices of bread, cereals, meat, fish, potatoes, yams and other tubers and wine, while the slowest increase in food prices year on year were recorded by Soft Drinks, Coffee, Tea and Cocoa.
