Published: Thu, March 15, 2018
Business | By Tara Barton

Nigeria's Inflation rate stands at 14.33 percent in February - NBS

Nigeria's Inflation rate stands at 14.33 percent in February - NBS

Annual inflation in Nigeria fell to its lowest level in nearly a year in February and slowed for a 13th month in a row led by decelerating food prices, the statistics office said on Wednesday.

The NBS reported that the inflation rate slowed for the 13th consecutive month.

The cost of gasoline increased an average 15 per cent to N172.5 ($0.48) in February from a year earlier, according to NBS, which collects data including pump prices that are above the government's official cap of N145 per liter.

The NBS, however, explained that increases were recorded in the Classification of Individual Consumption by objective divisions that yield the headline index.

According to the report, the 14.33 per cent rate for February is 0.08 percentage points lower than the 15.3 per cent recorded in January.

It stated that the figures were 0.29 per cent lower than the 16.22 per cent recorded in January.

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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.

Price growth has exceeded the target range of six to nine per cent for 2 1/2 years partly due to increasing fuel and food costs, as well as a weaker currency that raised prices of imported goods.

It said the highest increases were seen in prices of fuel and lubricants for personal transport equipment, maintenance and fix of personal transport equipment and narcotics during the month. However, core inflation rose to 11.7 percent (0.75% m-o-m) from 11.1 percent.

During the month, the highest increases were seen in prices of Fuel and lubricants for personal transport equipment, Maintenance and fix of personal transport equipment, Narcotics, Vehicle spare parts, Passenger transport by air, Clearing, fix and hire of clothing, Hospital services, Domestic services and household services and Glassware, tableware and household utensils.

A separate food price index showed inflation at 18.92 percent in January, compared with 19.42 percent in December.

Food price inflation has remained in high double digits over the past year.

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