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The National Bureau of Statistics (NBS) today released the February 2018 inflation report. The Consumer Price Index (CPI), which measures inflation, increased by 14.33 percent year-on-year (y/y) in February. The headline inflation moderated from 15.13 percent, y/y, in January and represents the 13th consecutive month of deceleration since January 2017.

On a month-on-month basis, the headline inflation increased by 0.79 percent in February 2018, down by 0.01 percentage points from the rate recorded in January.

Food inflation increased by 17.59 percent, y/y, in February, down by 1.33 percentage points from 18.92 percent recorded in January 2018. In February, all major food sub-indexes increased.

Core inflation eased to 11.70 percent y/y, from 12.10 percent in January. The highest increases were reported in the prices of fuel and lubricants for personal transport and transport equipment, vehicle spare parts, narcotics, clearing, hospital services, maintenance and repair of personal transport equipment, repair and hire of clothing, and passenger travel by air. On a m/m basis, the core index increased at a faster pace of 0.75 percent, 7 bps above the 0.68 percent reported in January.

Urban inflation dipped by 8bps to 14.76 percent, y/y, from 15.56 percent in January; while Rural inflation decreased to 13.96 percent, y/y, from 14.76 percent in January.