News NBS: Inflation rate dropped to 14.33% in February

[Edoman]

 
For the 13th consecutive time, the Consumer Price Index (CPI), which measures inflation, dropped in Month of February to 14.33 per cent from 15.3 per cent January figure, National Bureau of Statistics’ (NBS) inflation data confirmed yesterday
NBS data indicated that on a month-on-month basis, the index increased by 0.79 per cent in February 2018, down by 0.01 per cent points from the rate recorded in January.
“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. During the month, the NBS report stated that all major food sub-indexes increased,” NBS stated.

According to the report, increases were recorded in the Classification of Individual Consumption by Purpose (COICOP) divisions that yield the headline index.
During the month under review, NBS said all major food sub-indexes increased.
It said that 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 per cent.
It stated that the figures were 0.29 per cent lower than the 16.22 per cent recorded in January.
The report further indicated that the Food Index (year-on-year) declined by 1.33 per cent from18.92 per cent in January to 17.59 per cent in February.

The highest increases in prices, according NBS, were recorded in fuel and lubricants for personal transport equipment, maintenance and repair of personal transport equipment and narcotics.
The report said 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, household utensils.
The bureau said that the food price index showed inflation at 17.59 per cent in February from 18.92 per cent in January.

Dr. Yemi Kale, the Statistician-General, had said in January said that he expected that inflation would fall faster this year, compared with 2017, but that spending ahead of 2019 general 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.