Inflation rate has dropped from 18.72 percent to 17.78 percent (Photo Punch)
hehehehe...... There
are signs things might get better again in the economy following the
sudden drop of inflation rate for the first time in 15 months.
The National Bureau of Statistics on Tuesday released the Consumer
Price Index which measures inflation rate with the index dropping from
18.72 per cent in January to 17.78 per cent in February.
The drop in the inflation rate by 0.94 percentage points according
to the NBS report is the first time in 15 months that the country would
see a reduction in inflation rate.
The report said the drop was attributed to slow increase recorded in food prices and other divisions.
“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,” NBS said on Tuesday.
“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.”
But the recent recovery seen in the core inflation rate, has not
seen food prices remain come down, with a surge in the food index, from
17.82 percent in January to 18.53 percent (year-on-year) in February.
The increase was driven by “increases in the prices of bread,
cereals, meat, fish, potatoes, yams and other tubers and wine, while the
slowest increase in food prices year-on-year were recorded by Soft
Drinks, Coffee, Tea and Cocoa”.
Despite the fall, inflation rate remains at one of the highest points since Olusegun Obasanjo’s era as the Nigerian President.
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