Nigeria: new figures released show inflation slow down for the 13th month in a row, but…

According figures released today by the National Bureau of Statistics (NBS) – the Nigeria’s statistical authority, the country’s inflation rate at the end of February 2018 increased by 14.33%, which is however, less than the 15.13% recorded in January – indication a decrease of 0.8%.

The Consumer Price Index (CPI) which measures inflation increased by 14.33 % (year-on-year) in February 2018. “This, a thirteenth consecutive disinflation since January 2017,  is 0.8 % points less than the rate recorded in January 2018 (15.13 %,” announced the NBS. adding that increases were recorded in all Classification of individual consumption by Purpose (COICOP) divisions that yield the Headline Index.

On a month-on-month basis, the Headline index increased by 0.79% in February 2018, down by 0.01 % points from the rate recorded in January.

The percentage change in the average composite CPI for the 12 months period ending February 2018, over the average of the CPI for the previous 12 months period, was 15.93 %, showing 0.29 % point lower from 16.22 % recorded in January 2018.

The Food Index increased by 17.59 % (year-on-year) in February, down by 1.33% points from rate recorded in January 2018 (18.92 %). During the month, all major food sub-indexes increased.  Price movements recorded by all Items less farm produce or core sub-index increased by 11.7% (year-on-year) in February 2018, down by 0.4 % points from the rate recorded in January (12.10) %.

Source: National Bureau of Statistics