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Inflation falls for 13th consecutive month to 14.33%

Inflation falls for 13th consecutive month to 14.33%

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Ifeanyi Onuba, Abuja

The National Bureau of Statistics on Wednesday said the country’s Consumer Price Index, which measures inflation, rose by 14.33 per cent (year-on-year) in February 2018.

The bureau stated that the rate for February was 0.08 percentage points lower than the 15.3 per cent recorded in January.

The report stated that this was the 13th consecutive month since January 2017 that the country would be experiencing a slowdown in inflation.

The report read in part, “The Consumer Price Index, which measures inflation, increased by 14.33 per cent (year-on-year) in February 2018.

“This thirteenth consecutive disinflation since January 2017 is 0.8 per cent points less than the rate recorded in January 2018 (15.13) per cent.”

On a month-on-month basis, the index, according to the NBS report, rose by 0.79 per cent in February 2018, down by 0.01 per cent from the rate recorded in January.

It added that the Food Index increased by 17.59 per cent (year-on-year) in February, down by 1.33 percentage points from the 18.82 per cent recorded in January this year.

In the month of February, the NBS report stated that all major food sub-indexes rose, adding that the urban inflation rate rose by 14.76 per cent (year-on-year) from 15.56 per cent recorded in January.

In the same vein, the report stated that the rural inflation rate also eased by 13.96 per cent in February 2018 from 14.76 per cent the previous month.

“On a month-on-month basis, the urban index rose by 0.82 per cent in February 2018, down by 0.01 from 0.83 per cent recorded in January, while the rural index also rose by 0.77 per cent in February 2018, showing no difference with the rate recorded in January,” it added.

Meanwhile, the NBS, in its Premium Motor Spirit Price Watch, said that Nigerians paid an average price of N172.5 to buy petrol in February.

The amount is 9.6 per cent lower than the N190.9 per litre, which the product was bought for by consumers in the month of January.

The bureau stated in the report that consumers in Plateau State paid the highest amount for the product at N206.82 per litre, followed by those in Osun and Edo states for N201.29 and N200.83, respectively.

On the other hand, consumers in Katsina State and the Federal Capital Territory bought the product at the official pump price of N145 per litre.

“Average price paid by consumers for Premium Motor Spirit increased by 15.1 per cent year-on-year and 9.6 per cent month-on-month to N172.5 in February 2018 from N190.9 in January 2018,” the report stated.

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