14th March, 2018
By Kazeem Ugbodaga
Statistics from the National Bureau of Statistics, NBS, has shown that the nation’s inflation rate stands at 14.33 percent, which represents a downward trend as at February 2018.
The statistics, which was released on Wednesday showed that the Consumer Price Index (CPI) which measures inflation increased by 14.33 percent (year-on-year) in February 2018.
This is thirteenth consecutive disinflation since January 2017 is 0.8 percent points less than the rate recorded in January 2018 (15.13) percent.
The report showed that increases were recorded in all COICOP divisions that yielded the Headline Index.
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 January.
The percentage change in the average composite CPI for the twelve month period ending February 2018 over the average of the CPI for the previous twelve month period was 15.93 percent, showing 0.29 percent point lower from 16.22 percent recorded in January 2018.
It further revealed that the Food Index increased by 17.59 percent (year-on-year) in February, down by 1.33 percent points from rate recorded in January 2018 (18.92) percent.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 percent (year-on-year) in February 2018, down by 0.4 percent points from the rate recorded in January (12.10) percent.