By Peter OBIORA InvestAdvocate
Lagos (INVESTADVOCATE)-Nigeria’s inflation rate dropped 14.33 percent (year-on-year), in February 2018 for thirteenth consecutive disinflation since January 2017 is 0.8 percent points less than the rate recorded in January 2018 (15.13) percent, according to the National Bureau of Statistics (NBS) latest report.
The NBS reports that their were Increases 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 percent in February 2018, down by 0.01 percent points from the rate recorded in January.
According to to the report, 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.
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.
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