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Inflation falls first time in 15 months – NBS

By on March 15, 2017

Nigeria has recorded first drop in inflation rate in 15 months as the National Bureau of Statistics (NBS) reported that inflation rate dropped by 0.94 per cent in February from the 18.72 per cent recorded in January to 17.78 per cent in February.

The Consumer Price Index released by the NBS indicated that the latest drop in inflation rate represents “the effects of slower rises in already high food and non-food prices and favourable base effects over 2016 prices.”

Analysis showed that highest price increases were seen in house rents, water bill, electricity bill, gas price, school fees, beverages, clothes, foot wear and transport fares.

There were slower price increases in the cost of communication, recreation and culture.

The Food Index increased by 18.53 per cent year-on-year in February, up by 0.71 per cent points from the 17.82 per cent recorded in January.

The increase seen in food inflation was as a result of increases in the prices of bread, cereals, meat, fish, potatoes, yams and other tubers and wine.

However, analysis showed that there were slower increase in prices of soft drinks, coffee, tea and cocoa.

During the month, the core index rose by 16.00 per cent, down by 1.90 per cent points from the 17.90 per cent recorded in January.

“During the month, the highest year on year increases was 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 stationary,” the report stated.

 

 

 

[DailyTrust]