Latest data by the Nigeria’s National Bureau of Statistics (NBS) on Tuesday, March 14, 2017, showed that after 15 months of gradual but steady rise, the country’s consumer price index (CPI), which measures inflation decelerated to 17.78% (year-on-year), 0.94% lower, when compared to 18.72% in January.
This, the bureau said represents “the effects of slower rises in already high food and non-food prices and favourable base effects over 2016 prices.”
Some other headline indices such as housing, water, electricity, gas and other fuel, education, food and alcoholic Beverages, clothing and footware and transportation services, however remained high.
On a month-on-month basis, the headline index increased by 1.49% in February 2017, 0.48% points higher from the rate of 1.01% in January; with food index rising by 18.53% (year-on-year) in February, up by 0.71% points from the rate recorded in January (17.82%) 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.
Price movements recorded by All Items less farm produce or Core sub It should be noted that the Headline Index is made up of the Core Index and Farm Produce items.
The highest year-on-year rise came from 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.
Urban index rose by 18.57% year-on-year (1.52% month-on-month) in February from 20.31% (1.03% MoM) recorded in January, just as the Rural index increased by 16.98% (1.47% MoM) from 17.34% (1.00%).