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CPI Drops to 17.78% in February 2017, 0.94% Lower Than 18.72% January Rate

Proshare

Tuesday, March 14, 2017 10:10 AM/NBS 

All Items Index 

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.  

This represents the first time in 15 months that the headline CPI has declined on a 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. 

Price Increases were recorded in all COICOP divisions that yield the Headline Index.  

However, the major divisions responsible for accelerating the pace of the increase in the headline index were Housing, Water, Electricity, Gas and Other Fuel, Education, Food and Alcholoic Beverages, Clothing and Footware and Transportation Services. 

On a month-on-month basis, the Headline index increased by 1.49 percent in February 2017, 0.48 percent points higher from the rate of 1.01 percnt recorded in January.  

The Food Index increased by 18.53 percent (year-on-year) in February, up by 0.71 percent points from rate recorded in January (17.82) percent 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. 

Price movements recorded by All Items less farm produce or Core sub-index rose by 16.00 percent (year-on-year) in February, down by 1.90 percent points from rate recorded in January (17.90) percent.

During the month, the highest year on year increases were seen in electricity, Liquid and solid fuels, Fuels and lubricants for personal transport equipment, Clothing materials, other articles of clothing and clothing accessories and book and stationaries   

The Urban index rose by 18.57 percent (year-on-year) in February from 20.31 percent recorded in January, and the Rural index increased by 16.98 percent in February from 17.34 percent in January.  

On month-on-month basis, the urban index rose by 1.52 percent in February from 1.03 percent recorded in January, while the rural index rose by 1.47 percent in February from 1.00 percent in January.

The corresponding twelve-month year-on-year average percentage change for the urban index increased from 17.91 percent in January to 18.42 percent in February, while the corresponding rural index also increased from 15.18 percent in January to 15.70 percent in February.  

Food Index  

The Composite Food Index rose by 18.53 percent in February 2017. The rise in the index was driven by increases in the prices of bread, cereals, meat, fish, potatoes, yams and other tubers, vegetables, wine, milk, cheese and eggs, Sugar, jam, honey, chocolate and confectionery and fruit.                       

On a month-on-month basis, the Food sub-index increased by 1.99 percent in February, up by 0.7 percent points from 1.29 percent recorded in January. 

The average annual rate of change of the Food sub-index for the twelve-month period ending in February 2017 over the previous twelve-month average was 16.13 percent, 0.59 percent points from the average annual rate of change recorded in January (15.54 percent). 

All Items Less Farm Produce 

The ‘’All Items Less Farm Produce’’ or Core sub-index, which excludes the prices of volatile agricultural produce eased by 16.0 percent during the month o Febreary 2017, 1.90 percent points from 17.90 percent recorded in January as all key divisions which contributes to the index increased at a slower rate.  

During the month of Febreaury, the highest year on year increases were seen in Electricity, Liquid and solid fuels, Fuels and lubricants for personal transport equipment, Clothing materials, other articles of clothing and clothing accessories, book and stationaries, garments, Vehicle spare parts, shoes and other footware, passenger transport by road, household textiles, Furniture and furnishings, Motor cars and Carpets and other floor coverings.         

On a month-on-month basis, the Core sub-index increased by 1.10 percent in February, 0.42 percent points higher from 0.68 percent recorded in January. The average 12-month annual rate of rise of the index was recorded at 16.44 percent for the twelve-month period ending in February 2017, 0.40 percent points higher from the twelve month rate of change recorded in January. 

 

 

 



Click Here to Download February 2017 CPI (PDF) Report  
 

Latest 2017 NBS Reports 

1.       Nigeria Produced 43.49m Tons of Solid Minerals in 2016 - NBS

2.      NIPOST Generates N8.84bn Revenue in 2016 - NBS

3.      Q4 2016 Merchandise Trade Intensity - Total Trade Grows by 6.5% in 2016

4.    Merchandise Trade Grows in Q4 2016 - Records First Quarterly Positive Trade Balance Since Q4 2015

5.      JAMB Received 11.7m Applications Between 2010 and 2016

6.      Average Kerosene Price Increases to N433.84 in Jan'17 from N231.85 in Dec'16

7.      Average Intracity Transport Fare Increases to N122 in Jan'17 from N84.29 in Dec'16

8.     Average Cooking Gas Price Increases to N2,567.56 in Jan’17 from N2,002.16 in Dec’16

9.      Average Diesel Price Increases to N240.52 in Jan’17 from N196.20 in Dec’16

10.  Average Petrol Price Increases to N148.7 in Jan'17 from N146.7 in Dec'16

11.   CPI Rises to 18.72% in January 2017, 0.17% Higher Than 18.55% December 2016 Rate

12.  GENCOs Issued Total Invoice of N331bn to DISCOs in 2016

13.  Nigeria Produced 5.79 mln Tonnes of Fish Between 2010 and 2015

14.  4,296 Applications Were Received by NAFDAC for New Products Registration in 2016 - NBS

15.   19,833 Vessels Berthed At Nigerian Ports Between 2013 and 2016 - NBS

16.  Total Value of Capital Imported into Nigeria in Q4 2016 Estimated at $1,548.88mln - NBS

17.   Telecoms Sector Contributes N1,399bn to GDP in Q3 2016 - NBS

18.  FAAC Disburses N426.88bn in December 2016 - NBS

19.  Banking Sector Records 910.18m Volume of Transaction in 2016 on Electronic Payment Channels - NBS

20. Daily Energy Generation Attained a Peak of 3,859.59MW in Q4 2016 - NBS

21.  10.8% of Nigeria's Total Working Population Are Registered Under The National Pension Scheme - NBS

22. Nigeria Imports 4.83 bn Litres of PMS in Q4 2016 - NBS

23. 72.53% of Nigeria’s Prison Population in 2015 were Un-sentenced - NBS

24. Lagos, Ogun Top IGR for H1 2016 

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