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GOOD NEWS: Nigeria's inflation rate finally falls for the first time in 15 months

GOOD NEWS: Nigerias inflation rate finally falls for the first time in 15 months
Reports from the National Bureau of Statistics (NBS) suggests that Nigeria's inflation rate finally fell for the first time since 2015 as consumer price index (CPI), which measures inflation in the economy went down.

The National Bureau of Statistics (NBS) says the inflation rate dropped from 18.72 percent in January 2017, to 17.78 percent in February 2017.

“On a Headline basis, the Consumer Price Index (CPI) which measures inflation increased by 17.78 percent (year-on-year) albeit at a slower pace in February 2017, 0.94 percent points lower from the rate recorded in January (18.72) percent,” NBS said on Tuesday.

“This represents the first time in 15 months that the headline CPI has declined on year on year basis representing the effects of slower rises in already high food and non food prices and favourable base effects over 2016 prices.”

According to NBS, there are recorded price increases in “housing, water, electricity, gas and other fuel, education, food and alcoholic beverages, clothing and frontware and transportation services.”

However, despite the recovery seen in the core inflation rate, it was noted that food prices remain on the rise, with a surge in the food index, from 17.82 percent in January to 18.53 percent (year-on-year) in February.

The increase was driven by “increases in the prices of bread, cereals, meat, fish, potatoes, yams and other tubers and wine, while the slowest increase in food prices year-on-year were recorded by Soft Drinks, Coffee, Tea and Cocoa.”

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Recent Replies (5)

5
This is good improvement and its a wellcome development - kizitosix037@gmail.com
4
hmmmmmmm. let's see if this will continue to better. - Lilian Nnedinso
3
hmmmmmmm. let's see if this will continue to better. - Lilian Nnedinso
2
That's indeed a good news!! May God continue to turn things around for us - Ibrahimmuhammad0092@gmail.com
1
18% to 17% is cause for celebration. Year over new everything is still climbing. Most prices are still raising month over month. - yayahdrs8@gmail.com
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