Nigeria Feb inflation moderates to 14.33% year-on-year as food prices decline m-o-m

Nigeria’s statistical authority, the National Bureau of Statistics (NBS), Wednesday said the country’s inflation rate for the end of February 2018 increased by 14.33 percent less than the 15.13 percent increase in January.

With this, the country’s annual inflation rate fell to its lowest level in almost a year and slowed for the 13th month in a row, according to the NBS, which said the development was led by decelerating food prices as food inflation declined to 17.59 percent (0.85% m-o-m) from 18.92 percent. However, core inflation rose to 11.7 percent (0.75% m-o-m) from 11.1 percent.

According to NBS, 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 percent, showing 0.29 percent point lower from 16.22 percent recorded in January 2018.

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

However, the food index increased by 17.59 percent (year-on-year) in February, down by 1.33 percent points from rate recorded in January 2018 (18.92) percent. All major indexes increased during the month under review.

The data indicate that price movements recorded by all Items less farm produce or core sub-index increased by 11.7 percent (year-on-year) in February 2018, down by 0.4 percent points from the rate recorded in January (12.10) percent.

NBS stated that, 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, during the month.

Meanwhile, the urban inflation rate rose by 14.76 percent (year-on-year) in February 2018 from 15.56 percent recorded in January, while the rural inflation rate also eased by 13.96 percent in February 2018 from 14.76 percent in January.

On a month-on-month basis, the urban index rose by 0.82 percent in February 2018, down by 0.01 from 0.83 percent recorded in January, while the rural index also rose by 0.77 percent in February 2018, showing no difference with the rate recorded in January, NBS said.