Inflation rate falls for the first time in 15 months, as Nigeria’s economy recovers
For the first time since 2015, consumer price index (CPI), which measures inflation in the economy, fell, signalling a recovery in the Nigerian economy.
According to the National Bureau of Statistics (NBS), the inflation rate dropped from 18.72% in January 2017, to 17.78% in February 2017.
“On a Headline basis, the Consumer Price Index (CPI) which measures inflation increased by 17.78% (year-on-year) albeit at a slower pace in February 2017, 0.94 percent points lower from the rate recorded in January (18.72)%,” 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.”