Nigerian Economy Inflation falls for first time in 15 months

Information to this effect was provided by the National Bureau of Statistics (NBS) citing the Consumer Price Index (CPI).

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Godwin Emefiele play Nigeria's central bank Governor Godwin Emefiele speaks during the monthly Monetary Policy Committee meeting in Abuja, Nigeria. (REUTERS/Afolabi Sotunde)
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Nigeria’s inflation rate has dropped from 18.72 percent in January 2017 to 17.78 percent in February 2017.

Information to this effect was provided by the National Bureau of Statistics (NBS) citing the Consumer Price Index (CPI).

“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,” the NBS said on Tuesday, March 14.

“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,” it added.

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Despite the drop however, Nigeria recorded price increases in “housing, water, electricity, gas and other fuel, education, food and alcoholic beverages, clothing and frontware and transportation services.”

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