Nigeria Consumer Price Index (CPI)

Nigeria Consumer Price Index (CPI)and Inflation Report February 2018

Nigeria Consumer Price Index

Summary of Consumer Price Index (CPI) for February 2018

Nigeria's Inflation rate as measured by the Consumer Price Index (CPI) has further dropped from 15.13% in January to 14.33% in February (2018). The National Bureau of Statistics (NBS) disclosed this in its CPI for February 2018.

The figure showed 13 consecutive reductions in inflation rate since January 2017. This figure is 0.8% less than the rate recorded in January (15.13)%. The increases were recorded in the Classification of Individual Consumption by Purpose (COICOP) divisions that yield the headline index.

On month-on-month basis, the headline index was 0.79% in February, but the figure was down by 0.01% from the rate recorded in January. The percentage change in the average composite CPI for the 12-month period ended February 2018 over the average of the CPI for the previous 12-month period was 15.93%. The figures were 0.29% lower than the 16.22% recorded in January.

The Food Index (year-on-year) declined by 1.33% from 18.92% in January to 17.59% in February. All major food sub-indexes increased during the month. Price movements recorded by All Items less farm produce or Core sub-index increased to 11.7% (year-on-year) in February.

The figure is down by 0.4% from the rate recorded in January (12.10)%. The highest increases were seen in prices of fuel and lubricants for personal transport equipment, maintenance and repair of personal transport equipment and narcotics during the month.

Increases were recorded in the price of 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 food price index showed inflation at 17.59% in February from 18.92% in January. Core inflation was 15.13% last month. According to Dr Yemi Kale, the Statistician-General, he expected that inflation would fall faster this year compared with 2017, but that spending ahead of 2019 presidential elections could stoke prices. Food price inflation has remained in high double digits over the last year. Kale said the country was in harvest period and output was increasing which would help lower food prices, but household consumption remained fragile after the 2016 recession.

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Nigeria CPI and Inflation Report February 2018
Nigeria CPI and Inflation Report January 2018
Nigeria CPI and Inflation Report December 2017

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