Wednesday, March 14, 2018 /09:00 AM / NBS
All Item Index
The Consumer Price Index (CPI) which measures
inflation increased by 14.33 percent (year-on-year) in February 2018. This
thirteenth consecutive disinflation since January 2017 is 0.8 percent points
less than the rate recorded in January 2018 (15.13) percent. Increases were
recorded in all COICOP divisions that yield the Headline Index.
On a month-on-month basis, the Headline index
increased by 0.79 percent in February 2018, down by 0.01 percent points from
the rate recorded in January.The percentage change in the average composite CPI
for the twelve month period ending February 2018 over the average of the CPI
for the previous twelve month period was 15.93 percent, showing 0.29 percent
point lower from 16.22 percent recorded in January 2018.
The Food Index increased by 17.59 percent
(year-on-year) in February, down by 1.33 percent points from rate recorded in
January 2018 (18.92) percent. During the month, all major food sub-indexes
increased. Price movements recorded by All Items less farm produce or Core
sub-index increased by 11.7 percent (year-on-year) in February 2018, down by
0.4 percent points from the rate recorded in January (12.10) percent.
During the month, the highest increases were seen
in prices of Fuel and lubricants for personal transport equipment, Maintenance
and repair of personal transport equipment, Narcotics, Vehicle spare parts,
Passenger transport by air, Clearing, repair and hire of clothing, Hospital
services, Domestic services and household services and Glassware, tableware and
household utensils.
The Urban inflation rate rose by 14.76 percent
(year-on-year) in February 2018 from 15.56 percent recorded in January, while
the Rural inflation rate also eased by 13.96 percent in February 2018 from
14.76 percent in January. On month-on-month basis, the urban index rose by 0.82
percent in February 2018, down by 0.01 from 0.83 percent recorded in January,
while the rural index also rose by 0.77 percent in February 2018, showing no
difference with the rate recorded in January.
The corresponding twelve month year-on-year
average percentage change for the urban index is 16.24 percent in February
2018. This is less than 16.55 percent reported in January, while the
corresponding rural inflation rate in February 2018 is 15.64 percent compared
to 15.89 percent recorded in January.




Food Index
The Composite Food Index rose by 17.59 percent in
February 2018. The rise in the index was caused by increases in prices of Bread
and cereals, Milk, cheese and egg, Potatoes, yam and other tubers, Fish and
Vegetables, Coffee, tea and cocoa.
On a month-on-month basis, the Food sub-index
increased by 0.85 percent in February 2018, down by 0.02 percent points from
0.87 percent recorded in January.
The average annual rate of change of the Food
sub-index for the twelve-month period ending February 2018 over the previous
twelve month average was 19.52 percent, 0.1 percent points from the average
annual rate of change recorded in January (19.62) percent.

All Items Less Farm Produce
The ‘’All Items less Farm Produce’’ or Core
inflation, which excludes the prices of volatile agricultural produce is 11.7
percent in February 2018, down by 0.4 percent points from the rate recorded in
January (12.10) percent.
On a month-on-month basis, the Core sub-index
increased by 0.75 percent in February 2018, this was up by 0.07 percent when
compared with 0.68 percent recorded in January.
The highest increases were recorded in prices of
Fuel and lubricants for personal transport equipment, Maintenance and repair of
personal transport equipment, Narcotics, Vehicle spare parts, Passenger
transport by air, Clearing, repair and hire of clothing, Hospital services,
Domestic services and household services and Glassware, tableware and household
utensils.
The average 12 month annual rate of change of the
index was 12.67 percent for the twelve-month period ending February 2018; this
is 0.34 percent points lower than 13.01 percent recorded in January.
State Profiles
In analyzing price movements under
this section, note that the CPI is weighted by consumption expenditure patterns
which differ across States. Accordingly, the weight assigned to a particular
food or non-food item may differ from State to State making inter State
comparisons of consumption basket inadvisable and potentially misleading
All Items Inflation
In February 2018, all items inflation
on a year on year basis was highest in Kebbi (18.60%), Bauchi (17.68%) and Yobe
(17.65%), while Delta (11.74%), Edo (12.33%) and Kogi (12.74%) recorded the
slowest rise in headline Year on Year inflation.
On a month on month basis however,
February 2018 all items inflation was highest in Kebbi (1.90%), Yobe (1.72%)
and Rivers (1.58%), while Ebonyi and Nasarawa recorded price deflation on a
month on month all item basis in February 2018
Food Inflation
In February 2018, food inflation on a
year on year basis was highest in Kwara (23.52%), Yobe (22.37%)and Kebbi
(21.82%), while Bauchi (12.82%), Anambra (13.53%) and Benue (13.83%) recorded
the slowest rise in food inflation.
On a month on month basis however,
February 2018 food inflation was highest in Kebbi (2.58%), Yobe (2.07%) and
Niger (1.94%), while Abuja, Ebonyi. Enugu, Kogi Nasarawa, Plateau and Taraba all
recorded food price deflation or negative inflation (general decrease in the
general price level of goods and services or a negative inflation rate) in
February 2018.
Click
Here to Download February 2018 CPI PDF Report

Latest
2018 NBS Reports
Q1 2018
- Average Prices of PMS, AGO, HHK and
Cooking Gas – February 2018
- Lagos, Abuja, Port Harcourt, Owerri
and Kano Airports Served Over 92% of Total Passengers in Q4 2017
- 4,175 Ocean Going Vessels Recorded
at Nigerian Ports in 2017
- Total Value of Capital Imported into Nigeria in Q4 2017
Estimated at $5,382.89m - NBS
- Nigeria’s GDP Grows in Real Terms by 1.92% in Q4 and
0.83% for Full Year 2017
- FAAC
Disburses N655.18bn in January 2018 – NBS
- N254.10bn
Generated as VAT in Q4 2017 – NBS
- Total Active Voice Subscription Increased by 3.69% in Q4
2017 – NBS
- 18.36bn Litres of PMS Distributed State-wide in 2017 –
NBS
- 5.84m Students Enrolled in Junior Secondary Schools in
2016 - NBS
- 2,489 Road Traffic Crashes Occurred in Q4 2017 - NBS
- Average Air Fare Increased by 7.34% YoY in January 2018
- NBS
- Headline Inflation Drops to 15.13% in January 2018;
0.24% Lower Than 15.37% December Rate
- Average Prices of PMS, AGO, HHK and Cooking Gas –
January 2018
- 7.82m Workers Are Registered Under the Pension Scheme as
at Q4 2017 - NBS
- Daily Energy Generation Attained a Peak of 94,627MWh in
Q4 2017 - NBS
- Banking Sector Records 461.98m Volume of Transactions in
Q4 2017 - NBS
- 77.5m Persons Engaged in Some Sort of Economic
Activities in Q3 2017 - NBS
- Average Fare Paid by Passengers for Water Transport
Increased by 6.05% MoM to N631.55 in Dec 2017
- Average Price of 1kg of
Yam Tuber Decreased by -3.67% YoY to N211.61 in December 2017 - NBS
- Headline
Inflation Drops to 15.37% in December 2017; 0.53% Lower Than 15.90%
November Rate
- Average Prices of PMS,
AGO, HHK and Cooking Gas – December 2017
- Active Voice Subscribers
Dropped by 8.73% in Q3 2017 – NBS
- Inequality
in Nigeria Worsened Between 2004 and 2013 But Improved in 2016 – NBS
- FAAC
Disburses N609.96bn in December 2017 – NBS
2017
NBS Reports
Q4 2017
- FAAC
Disburses N532.76bn in November 2017 - NBS
- Unemployment
Rate Rises to 18.8% in Q3 2017 from 16.2% in Q2 2017
- Average
Intercity Bus Fare Increased by 14.78% MoM in November 2017
- Average
Price of 1kg of Tomato Increased by 8.09% YoY in November 2017
- Average
Prices of PMS, AGO, HHK and Cooking Gas – November 2017
- Headline
Inflation Drops to 15.90% in November 2017; 0.01% Lower Than 15.91%
October Rate
- Banking
Sector Records 213.69m Volume of Transactions in Q3 2017 - NBS
- Nigeria’s
Merchandise Trade Grew Marginally Q-on-Q But Significantly Y-on-Y in Q3
2017
- 2,478
Road Traffic Crashes Recorded in Q3 2017 - NBS
- States
Generate N149.45bn as IGR in Q3 2017 - NBS
- Total
Value of Capital Imported into Nigeria in Q3 2017 Estimated at $4,145.1m -
NBS
- FAAC
Disburses N558.08bn in October 2017 -NBS
- GDP
Grew by 1.40% in Q3’17 from 0.72% in Q2’17; 2nd Consecutive Quarter of
Positive Growth
- Average
Motorcycle Fare per Drop Increased by 4.52% YoY in October 2017
- Average Prices of PMS, AGO, HHK and Cooking Gas – October 2017
- Headline Inflation Drops to 15.91% in October 2017, 0.07% Lower
Than 15.98% September Rate
- Average Price of 1kg of Yam Tuber
Increased by 10.22% YoY in October 20
- 596,792
Passengers Travelled Via the Rail System in Q2 2017 - NBS
- 7.71m
Workers Are Registered Under the Pension Scheme as at Q3 2017 - NBS
- Daily
Energy Generation Attained a Peak of 3,880MW in Q3 2017 - NBS
- FAAC
Disburses N637.70bn in September 2017 - NBS
- GDP by
Income and Expenditure Approach – Basic Price GDP Declined by 1.73% Real
Term in Q4’16
- N246.30bn
Generated as VAT in Q2 2017 - NBS
- Lagos
State Has 7,396 Prison Inmates Population in 2016 - NBS
- Average Prices of PMS,
AGO, HHK and Cooking Gas - September 2017
- Average
Air Fare Increased by 31.31% YoY in September 2017
- Average
Price of 1kg of Yam Tuber Increased by 28.65% YoY in September 2017
- CPI Drops to 15.98% in
Sept 2017, 0.03% Lower Than 16.01% August Rate
- Multiple
Indicator Cluster Survey 2016-17
- Pension
Fund Asset under Management as at 31 December 2016 stood at N6,164.76bn -
NBS
- 835.58m
Crude Oil Processed from 1997 to 2014
- N701.85bn
Gross Revenue Generated in July 2017
Q3 2017
- FAAC
Disburses N467.85bn in August 2017 - NBS
- Lagos
Accounted for 74.8% of International Passenger Traffic in Q2 2017
- Lagos
State Has the Highest Foreign and Domestic Debts as at June 2017
- CPI
Drops to 16.01% in August 2017, 0.04% Lower Than 16.05% July Rate
- Average
Air Fare Increased by 32.75% YoY in August 2017
- Average
Prices of PMS, AGO, HHK and Cooking Gas - August 2017
- Average
Price of 1kg of Yam Tuber Increased by 53.98% YoY in August 2017
- Nigeria’s
Merchandise Trade Grew Marginally QoQ but Significantly YoY in Q2 2017
- 2,287 Drug Abuse Convictions Secured in
2016 - NBS
- Average
Price of 1kg of Tomato Increased YoY by 15.65% in July 2017 - NBS
- Average
Prices of PMS, AGO, HHK and Cooking Gas - July 2017
- Average
Intercity Fare Increased YoY by 27.49% in July 2017 - NBS
- CPI
Drops to 16.05% in July 2017, 0.05% Lower Than 16.10% June Rate
- Total
Value of Capital Imported into Nigeria in Q2 2017 Estimated at $1,792.3m -
NBS
- FAAC
Disburses N652.23bn in July 2017 - NBS
- Active Voice Subscribers
Dropped by 6.67% in Q2 2017 – NBS
- Banking Sector Records
327.37m Volume of Transactions in Q2 2017 - NBS
- 870,397 Candidates Sat
for NECO in June and July 2016
- 3,457
Nigerians Repatriated from Abroad in 2016 – NBS
- Corruption
in Nigeria - Bribery as Experienced by the Population
- Nigeria
Produced 656.8m Barrels of Crude Oil in 2016
- 2,503
Road Traffic Crashes Recorded in Q2 2017 - NBS
- Daily
Energy Generation Attained a Peak of 4,079MW in Q2 2017 - NBS
- 7.59m
Nigerians Are Registered Under the National Pension Scheme as at Q2’17 -
NBS
- FAAC
Disburses N462.36bn in June 2017 - NBS
- NBS
Annual Abstract of Statistics 2016
- Average
Prices of PMS, AGO, HHK and Cooking Gas Price Watch - June 2017
- Average
Intercity Transport Fare Decreases to N1,559.68 in Jun’17 from N1,565 in
May’17
- Average
Price Of 1kg Of Yam Tuber Increased YoY by 32.84% in June 2017 -NBS
- CPI
Drops to 16.10% in June 2017, 0.15% Lower Than 16.25% May Rate
Q2 2017
- FAAC Disburses N418.82bn in May 2017 - NBS
- GDP By
Income and Expenditure Approach – Basic Price GDP Declines by 2.3% in
Q3’16 - NBS
- Average
Price Watch of PMS, AGO, HHK and Cooking Gas - May 2017
- Average Intercity
Transport Fare Decreases to N1,5865. in May’17 from N1,587.04 in Apr’17
- Average Price Of 1kg Of
Yam Tuber Increased YoY by 52.69% in May 2017 - NBS
- CPI Drops to 16.25% in
May 2017, 0.99% Lower Than 17.24% April Rate
- N204.77bn Generated as VAT in Q1 2017 - NBS
- 125,790 Cases of Reported Offences Recorded in
2016 - NBS
- Labour Productivity Rose to N684.43 in 2016 - NBS
- Merchandise Trade Grew By 0.1% - Positive Trade
Balance Due to Rising Exports & Falling Imports
- Unemployment Rate Rises to 14.2% in Q4’16 from
13.9% in Q3’16 - NBS
- Lagos Airport Accounted for 76.5% of
International Passengers in Q1 2017 - NBS
- FAAC Disburses N496.39bn in April 2017 - NBS
- Banking Sector Records 304.31 mln Volume of Transaction in Q1 2017 -
NBS
- Total Value of Capital Imported into Nigeria in
Q1 2017 Estimated at $908.27m - NBS
- GDP Contracts by -0.52% in Q1’17 from -1.73% in Q4’16; 5th Consecutive
Quarter of Contraction
- Average Prices of PMS, AGO, HHK and Cooking Gas
Price Watch – April 2017
- Average Intercity Transport Fare Increases to
N1,587.04 in Apr’17 from N1,466.46 in Mar’17
- Average Prices of 1kg of Yam Tubber Increased by
42.45% YoY in April 2017
- CPI Drops to 17.24% in April 2017, 0.02% Lower
Than 17.26% March Rate
- Lagos, Rivers Top IGR for Full Year 2016
- Telecoms Subscribers Dropped by 1.33% in Q1 2017
- NBS
- Nigeria Imports 4.05bn Litres of PMS in Q1 2017 -
NBS
- Lagos State has the highest domestic and foreign
debt profile in 2016 - NBS
- 2,556 Road Traffic Crashes Recorded in Q1 2017 -
NBS
- FAAC Disburses N466.93bn in March 2017
- Daily Energy Generation Attained a Peak of 5,846
MW in Q1 2017 - NBS
- Average Prices of PMS, AGO, HHK and Cooking Gas
Price Watch - March 2017
- Average Intercity Transport Fare Increases to
N1,466.46 in Mar’17 from N1,411.87 in Feb’17
- Average Prices of 1kg of Yam Tubber Increased by
63.4% YoY in March 2017
- CPI Drops to 17.26% in March 2017, 0.52% Lower
Than 17.78% February Rate
- 7.49m Nigerians Are Registered Under the National
Pension Scheme As At Q1 2017 - NBS
- Lagos Airport Accounted for 69.1% of
International Passengers in 2016 - NBS
Q1 2017
- 11,363 Road Traffic Crashes Recorded in 2016 -
NBS
- FAAC Disburses N514.15bn in February 2017
- FAAC Disburses N430.16bn in January 2017
- Average Intercity Transport Fare Decreases to
N1,411.87 in Feb’17 from N1430.63 in Jan’17
- Average Price of 1kg of Rice Increased by 68% YoY in February 2017
- Average Prices of PMS, AGO, HHK and Cooking Gas Price Watch - February
2017
- CPI Drops to 17.78% in February 2017, 0.94% Lower Than 18.72% January
Rate
- Nigeria Produced 43.49m Tons of Solid Minerals in
2016 - NBS
- NIPOST Generates N8.84bn Revenue in 2016 - NBS
- Q4 2016 Merchandise Trade Intensity - Total Trade
Grows by 6.5% in 2016
- Merchandise Trade Grows in Q4 2016 - Records
First Quarterly Positive Trade Balance Since Q4 2015
- GDP Contracts by -1.30% in Q4 and -1.51% for Full
Year 2016; Is Nigeria on Its Way Out of Recession?
- JAMB Received 11.7m Applications Between 2010 and
2016
- Average Kerosene Price Increases to N433.84 in Jan'17 from N231.85 in
Dec'16
- Average Intracity Transport Fare Increases to N122 in Jan'17 from
N84.29 in Dec'16
- Average Cooking Gas Price Increases to N2,567.56 in Jan’17 from
N2,002.16 in Dec’16
- Average Diesel Price Increases to N240.52 in Jan’17 from N196.20 in
Dec’16
- Average Petrol Price Increases to N148.7 in Jan'17 from N146.7 in
Dec'16
- CPI Rises to 18.72% in January 2017, 0.17% Higher
Than 18.55% December 2016 Rate
- GENCOs Issued Total Invoice of N331bn to DISCOs
in 2016
- Nigeria Produced 5.79 mln Tonnes of Fish Between
2010 and 2015
- 4,296 Applications Were Received by NAFDAC for
New Products Registration in 2016 - NBS
- 19,833 Vessels Berthed At Nigerian Ports Between
2013 and 2016 - NBS
- Total Value of Capital Imported into Nigeria in
Q4 2016 Estimated at $1,548.88mln - NBS
- Telecoms Sector Contributes N1,399bn to GDP in Q3
2016 - NBS
- FAAC Disburses N426.88bn in December 2016 - NBS
- Banking Sector Records 910.18m Volume of
Transaction in 2016 on Electronic Payment Channels - NBS
- Daily Energy Generation Attained a Peak of 3,859.59MW in Q4 2016 - NBS
- 10.8% of Nigeria's Total Working Population Are
Registered Under The National Pension Scheme - NBS
- Nigeria Imports 4.83 bn Litres of PMS in Q4 2016
- NBS
- 72.53% of Nigeria’s Prison Population in 2015
were Un-sentenced - NBS