By Nse Anthony-Uko
(Sundiata Post) — Nigeria’s inflation rate slowed for the 13th consecutive month in February.
The Consumer Price Index (CPI) which measures inflation increased by 14.33 per cent annualised in February 2018, 0.8 per cent points lower than the 15.13 per cent recorded in January, the National Bureau of Statistics (NBS) said in its CPI report released on Wednesday.
The report showed that increases were recorded in all classes of items that yield the headline Index.
On a month-on-month basis, the Headline index increased by 0.79 per cent in February 2018, down by 0.01 per cent points from the rate recorded in January.
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 per cent, showing 0.29 per cent point lower from 16.22 per cent recorded in January 2018.
The Food Index increased by 17.59 per cent (year-on-year) in February, down by 1.33 per cent points from rate recorded in January 2018 (18.92) per cent.
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 per cent (year-on-year) in February 2018, down by 0.4 per cent points from the rate recorded in January (12.10) per cent.
During the month, the highest increases were seen in prices of Fuel and lubricants for personal transport equipment, Maintenance and repair of personal transport equipment, Narcotics, Vehicle spare parts, Passenger transport by air, Clearing, repair and hire of clothing, Hospital services, Domestic services and household services and Glassware, tableware and household utensils.
The Urban inflation rate rose by 14.76 per cent (year-on-year) in February 2018 from 15.56 per cent recorded in January, while the Rural inflation rate also eased by 13.96 per cent in February 2018 from 14.76 per cent in January.
On 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.
The corresponding twelve month year-on-year average percentage change for the urban index is 16.24 per cent in February 2018. This is less than 16.55 per cent reported in January, while the corresponding rural inflation rate in February 2018 is 15.64 per cent compared to 15.89 per cent recorded in January.