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Nigeria’s inflation declines for the first time in 15 months
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- Nigeria's Consumer Price Index eased to 17.78 per cent year-on-year in February, compared to 18.72 per cent recorded in the previous month.
The National Bureau of Statistics reported today that the country’s Consumer Price Index (CPI) eased to 17.78 per cent year-on-year in February, compared to 18.72 per cent recorded in the previous month.
“This represents the first time in 15 months that the headline CPI has declined on a year-on-year basis representing the effects of slower rises in already high food and non-food prices and favourable base effects over 2016 prices,” the NBS said.
Prior to the decline in inflation last month, Nigeria’s inflation rate rose steadily from November 2015 owing to the country’s economic upheavals caused mainly by the slump in global oil prices. The main inflationary pressures have been foreign exchange shortages, the devaluation of the naira, and the increase in fuel prices.
In February, food inflation increased by 18.53 per cent, from 17.82 per cent recorded in January. The rise in the index was driven by increases in the prices of bread, cereals, meat, fish, potatoes, yams and other tubers, vegetables, wine, milk, cheese and eggs, sugar, jam, honey, chocolate and confectionery and fruit. The slowest increase in food prices last month were recorded in soft drinks, coffee, tea and cocoa.
Core inflation – which excludes volatile agricultural produce – declined by 16 per cent compared to 17.90 per cent recorded in January.
The highest increases in core inflation were seen in electricity; liquid and solid fuels; fuels and lubricants for personal transport equipment; clothing materials; other articles of clothing and clothing accessories; book and stationaries; and garments.
Other categories that recorded increases were vehicle spare parts; shoes and other footwear; passenger transport by road; household textiles, furniture and furnishings; motorcars and carpets and other flo or coverings.
The urban index rose by 18.57 per cent last month compared to 20.31 per cent recorded in the previous month, while the rural index increased by 16.98 per cent in February from 17.34 per cent in January.
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