Nigeria inflation rate continues on its crawling drop, ebbs to 14.33% in February
The National Bureau of Statistics (NBS) on Wednesday released the country’s Consumer Price Index (CPI) which shows that inflation rose by 14.33 per cent (year-on-year) in February 2018.
The bureau in the report said the 14.33 per cent rate for February is 0.08 percentage points lower than the 15.3 per cent recorded in January.
According to the report signed by the Statistician General for the Federation/Chief Executive of NBS, Dr. Yemi Kale, this is the thirteenth consecutive months since January 2017 that the country would be experiencing slowdown in inflation.
On a month-on-month basis, the index, according to the NBS report increased by 0.79 per cent in February 2018, down by 0.01 percent points from the rate recorded in January.
NBS also noted that food Index increased by 17.59 per cent (year-on-year) in February, down by 1.33 percentage points from 18.82 per cent recorded in January 2018.
However, during the month under review, the report averred that all major food sub-indexes increased.
