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.

ALSO READ: Naira now selling at N470 to the dollar

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.”