17 March 2014

Nigeria: Inflation Drops to 7.7 Percent in February

February inflation rate slowed down to 7.7 percent as against 8 percent in January, the National Bureau of Statistics (NBS) report released yesterday stated.

NBS said that the moderation in year-on-year rates in February was as a result of higher year on-year changes exhibited in February 2013.

"During this period, prices increased by 0.75 percent on a monthly basis (the second highest price increased observed during the year) compared to a moderated increase in the month-on-month rate of change of 0.5 percent observed in February 2014," it showed.

The report also stated that after a brief respite in January 2014, prices in the core sub-index increased at a faster rate in February. Prices rose by 7.2 percent year-on-year, higher than the price increase recorded in January by 0.6percentage points.

Food prices also rose at a relatively slower rate in February 2014. Food prices, as observed in the Food sub-index, rose by 9.2 percent year-on-year. Prices of yams, potatoes and other tubers; vegetables and fruits increased at slower rate in February, while prices of bread and cereals rose at a faster rate during the period. The price of meat products grew at the same rate year-on-year compared with January 2014.

"In a monthly basis, prices increased at a slower rate for the second consecutive month, increasing by 0.5 percent in February, marginally lower than the 0.64 percent increase recorded in January" NBS stated.

On a monthly basis, price increases in the Urban All-items index eased for the second consecutive month in the Rural All Items index further slowed in a similar fashion increasing by 0.49 in February, down from 0.68 percent recorded in January.

The percentage change in the average Composite CPI for the twelve-month period ending in February 2014 over the average of the CPI for the previous twelve-month period was recorded at 8.3 percent, marginally lower from the 8.4 percent average twelve months rate of change recorded in January 2014.

Part of the report read: "After a slight increase in January (year-on-year) urban price increases moderated as indicated by the urban composite CPI. The index was recorded at 153.0 points in February, a 7.8 percent increase from levels recorded in February 2013. The price increase was lower than rates recorded in January by 0.4 percentage points. The corresponding Rural National CPI recorded a 7.7 per cent year-on-year change in February 2014, easing marginally from the rate recorded in January (7.8 percent)."


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