Proshare - Facebook Proshare - Twitter Proshare - Google+ Proshare - Linked In Proshare - RSS Feed

Headline Inflation Drops to 14.33% in February 2018; 0.8% Lower Than January 2018 Rate

Proshare

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.
 

Proshare Nigeria Pvt. Ltd.

Proshare Nigeria Pvt. Ltd.

Proshare Nigeria Pvt. Ltd.

Proshare Nigeria Pvt. Ltd.

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.
 
 

Proshare Nigeria Pvt. Ltd.

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


Proshare Nigeria Pvt. Ltd.

Latest 2018 NBS Reports

Q1 2018

  1. Average Prices of PMS, AGO, HHK and Cooking Gas – February 2018
  2. Lagos, Abuja, Port Harcourt, Owerri and Kano Airports Served Over 92% of Total Passengers in Q4 2017
  3. 4,175 Ocean Going Vessels Recorded at Nigerian Ports in 2017
  4. Total Value of Capital Imported into Nigeria in Q4 2017 Estimated at $5,382.89m - NBS
  5. Nigeria’s GDP Grows in Real Terms by 1.92% in Q4 and 0.83% for Full Year 2017
  6. FAAC Disburses N655.18bn in January 2018 – NBS
  7. N254.10bn Generated as VAT in Q4 2017 – NBS
  8. Total Active Voice Subscription Increased by 3.69% in Q4 2017 – NBS
  9. 18.36bn Litres of PMS Distributed State-wide in 2017 – NBS
  10. 5.84m Students Enrolled in Junior Secondary Schools in 2016 - NBS
  11. 2,489 Road Traffic Crashes Occurred in Q4 2017 - NBS
  12. Average Air Fare Increased by 7.34% YoY in January 2018 - NBS
  13. Headline Inflation Drops to 15.13% in January 2018; 0.24% Lower Than 15.37% December Rate
  14. Average Prices of PMS, AGO, HHK and Cooking Gas – January 2018
  15. 7.82m Workers Are Registered Under the Pension Scheme as at Q4 2017 - NBS
  16. Daily Energy Generation Attained a Peak of 94,627MWh in Q4 2017 - NBS
  17. Banking Sector Records 461.98m Volume of Transactions in Q4 2017 - NBS
  18. 77.5m Persons Engaged in Some Sort of Economic Activities in Q3 2017 - NBS
  19. Average Fare Paid by Passengers for Water Transport Increased by 6.05% MoM to N631.55 in Dec 2017
  20. Average Price of 1kg of Yam Tuber Decreased by -3.67% YoY to N211.61 in December 2017 - NBS
  21. Headline Inflation Drops to 15.37% in December 2017; 0.53% Lower Than 15.90% November Rate
  22. Average Prices of PMS, AGO, HHK and Cooking Gas – December 2017
  23. Active Voice Subscribers Dropped by 8.73% in Q3 2017 – NBS
  24. Inequality in Nigeria Worsened Between 2004 and 2013 But Improved in 2016 – NBS
  25. FAAC Disburses N609.96bn in December 2017 – NBS 

2017 NBS Reports

Q4 2017

  1. FAAC Disburses N532.76bn in November 2017 - NBS
  2. Unemployment Rate Rises to 18.8% in Q3 2017 from 16.2% in Q2 2017
  3. Average Intercity Bus Fare Increased by 14.78% MoM in November 2017
  4. Average Price of 1kg of Tomato Increased by 8.09% YoY in November 2017
  5. Average Prices of PMS, AGO, HHK and Cooking Gas – November 2017
  6. Headline Inflation Drops to 15.90% in November 2017; 0.01% Lower Than 15.91% October Rate
  7. Banking Sector Records 213.69m Volume of Transactions in Q3 2017 - NBS
  8. Nigeria’s Merchandise Trade Grew Marginally Q-on-Q But Significantly Y-on-Y in Q3 2017
  9. 2,478 Road Traffic Crashes Recorded in Q3 2017 - NBS
  10. States Generate N149.45bn as IGR in Q3 2017 - NBS
  11. Total Value of Capital Imported into Nigeria in Q3 2017 Estimated at $4,145.1m - NBS
  12. FAAC Disburses N558.08bn in October 2017 -NBS
  13. GDP Grew by 1.40% in Q3’17 from 0.72% in Q2’17; 2nd Consecutive Quarter of Positive Growth
  14. Average Motorcycle Fare per Drop Increased by 4.52% YoY in October 2017
  15. Average Prices of PMS, AGO, HHK and Cooking Gas – October 2017
  16. Headline Inflation Drops to 15.91% in October 2017, 0.07% Lower Than 15.98% September Rate
  17. Average Price of 1kg of Yam Tuber Increased by 10.22% YoY in October 20
  18. 596,792 Passengers Travelled Via the Rail System in Q2 2017 - NBS
  19. 7.71m Workers Are Registered Under the Pension Scheme as at Q3 2017 - NBS
  20. Daily Energy Generation Attained a Peak of 3,880MW in Q3 2017 - NBS
  21. FAAC Disburses N637.70bn in September 2017 - NBS
  22. GDP by Income and Expenditure Approach – Basic Price GDP Declined by 1.73% Real Term in Q4’16
  23. N246.30bn Generated as VAT in Q2 2017 - NBS
  24. Lagos State Has 7,396 Prison Inmates Population in 2016 - NBS
  25. Average Prices of PMS, AGO, HHK and Cooking Gas - September 2017
  26. Average Air Fare Increased by 31.31% YoY in September 2017
  27. Average Price of 1kg of Yam Tuber Increased by 28.65% YoY in September 2017
  28. CPI Drops to 15.98% in Sept 2017, 0.03% Lower Than 16.01% August Rate
  29. Multiple Indicator Cluster Survey 2016-17
  30. Pension Fund Asset under Management as at 31 December 2016 stood at N6,164.76bn - NBS
  31. 835.58m Crude Oil Processed from 1997 to 2014
  32. N701.85bn Gross Revenue Generated in July 2017 

Q3 2017

  1. FAAC Disburses N467.85bn in August 2017 - NBS
  2. Lagos Accounted for 74.8% of International Passenger Traffic in Q2 2017
  3. Lagos State Has the Highest Foreign and Domestic Debts as at June 2017
  4. CPI Drops to 16.01% in August 2017, 0.04% Lower Than 16.05% July Rate
  5. Average Air Fare Increased by 32.75% YoY in August 2017
  6. Average Prices of PMS, AGO, HHK and Cooking Gas - August 2017
  7. Average Price of 1kg of Yam Tuber Increased by 53.98% YoY in August 2017
  8. Nigeria’s Merchandise Trade Grew Marginally QoQ but Significantly YoY in Q2 2017
  9. 2,287 Drug Abuse Convictions Secured in 2016 - NBS
  10. Average Price of 1kg of Tomato Increased YoY by 15.65% in July 2017 - NBS
  11. Average Prices of PMS, AGO, HHK and Cooking Gas - July 2017
  12. Average Intercity Fare Increased YoY by 27.49% in July 2017 - NBS
  13. CPI Drops to 16.05% in July 2017, 0.05% Lower Than 16.10% June Rate
  14. Total Value of Capital Imported into Nigeria in Q2 2017 Estimated at $1,792.3m - NBS
  15. FAAC Disburses N652.23bn in July 2017 - NBS
  16. Active Voice Subscribers Dropped by 6.67% in Q2 2017 – NBS
  17. Banking Sector Records 327.37m Volume of Transactions in Q2 2017 - NBS
  18. 870,397 Candidates Sat for NECO in June and July 2016
  19. 3,457 Nigerians Repatriated from Abroad in 2016 – NBS
  20. Corruption in Nigeria - Bribery as Experienced by the Population
  21. Nigeria Produced 656.8m Barrels of Crude Oil in 2016
  22. 2,503 Road Traffic Crashes Recorded in Q2 2017 - NBS
  23. Daily Energy Generation Attained a Peak of 4,079MW in Q2 2017 - NBS
  24. 7.59m Nigerians Are Registered Under the National Pension Scheme as at Q2’17 - NBS
  25. FAAC Disburses N462.36bn in June 2017 - NBS
  26. NBS Annual Abstract of Statistics 2016
  27. Average Prices of PMS, AGO, HHK and Cooking Gas Price Watch - June 2017
  28. Average Intercity Transport Fare Decreases to N1,559.68 in Jun’17 from N1,565 in May’17
  29. Average Price Of 1kg Of Yam Tuber Increased YoY by 32.84% in June 2017 -NBS
  30. CPI Drops to 16.10% in June 2017, 0.15% Lower Than 16.25% May Rate 

Q2 2017

  1. FAAC Disburses N418.82bn in May 2017 - NBS
  2. GDP By Income and Expenditure Approach – Basic Price GDP Declines by 2.3% in Q3’16 - NBS
  3. Average Price Watch of PMS, AGO, HHK and Cooking Gas - May 2017
  4. Average Intercity Transport Fare Decreases to N1,5865. in May’17 from N1,587.04 in Apr’17
  5. Average Price Of 1kg Of Yam Tuber Increased YoY by 52.69% in May 2017 - NBS
  6. CPI Drops to 16.25% in May 2017, 0.99% Lower Than 17.24% April Rate
  7. N204.77bn Generated as VAT in Q1 2017 - NBS
  8. 125,790 Cases of Reported Offences Recorded in 2016 - NBS
  9. Labour Productivity Rose to N684.43 in 2016 - NBS
  10. Merchandise Trade Grew By 0.1% - Positive Trade Balance Due to Rising Exports & Falling Imports
  11. Unemployment Rate Rises to 14.2% in Q4’16 from 13.9% in Q3’16 - NBS
  12. Lagos Airport Accounted for 76.5% of International Passengers in Q1 2017 - NBS
  13. FAAC Disburses N496.39bn in April 2017 - NBS
  14. Banking Sector Records 304.31 mln Volume of Transaction in Q1 2017 - NBS
  15. Total Value of Capital Imported into Nigeria in Q1 2017 Estimated at $908.27m - NBS
  16. GDP Contracts by -0.52% in Q1’17 from -1.73% in Q4’16; 5th Consecutive Quarter of Contraction
  17. Average Prices of PMS, AGO, HHK and Cooking Gas Price Watch – April 2017
  18. Average Intercity Transport Fare Increases to N1,587.04 in Apr’17 from N1,466.46 in Mar’17
  19. Average Prices of 1kg of Yam Tubber Increased by 42.45% YoY in April 2017
  20. CPI Drops to 17.24% in April 2017, 0.02% Lower Than 17.26% March Rate
  21. Lagos, Rivers Top IGR for Full Year 2016
  22. Telecoms Subscribers Dropped by 1.33% in Q1 2017 - NBS
  23. Nigeria Imports 4.05bn Litres of PMS in Q1 2017 - NBS
  24. Lagos State has the highest domestic and foreign debt profile in 2016 - NBS
  25. 2,556 Road Traffic Crashes Recorded in Q1 2017 - NBS
  26. FAAC Disburses N466.93bn in March 2017
  27. Daily Energy Generation Attained a Peak of 5,846 MW in Q1 2017 - NBS
  28. Average Prices of PMS, AGO, HHK and Cooking Gas Price Watch - March 2017
  29. Average Intercity Transport Fare Increases to N1,466.46 in Mar’17 from N1,411.87 in Feb’17
  30. Average Prices of 1kg of Yam Tubber Increased by 63.4% YoY in March 2017
  31. CPI Drops to 17.26% in March 2017, 0.52% Lower Than 17.78% February Rate
  32. 7.49m Nigerians Are Registered Under the National Pension Scheme As At Q1 2017 - NBS
  33. Lagos Airport Accounted for 69.1% of International Passengers in 2016 - NBS 

Q1 2017

  1. 11,363 Road Traffic Crashes Recorded in 2016 - NBS
  2. FAAC Disburses N514.15bn in February 2017
  3. FAAC Disburses N430.16bn in January 2017
  4. Average Intercity Transport Fare Decreases to N1,411.87 in Feb’17 from N1430.63 in Jan’17
  5. Average Price of 1kg of Rice Increased by 68% YoY in February 2017
  6. Average Prices of PMS, AGO, HHK and Cooking Gas Price Watch - February 2017
  7. CPI Drops to 17.78% in February 2017, 0.94% Lower Than 18.72% January Rate
  8. Nigeria Produced 43.49m Tons of Solid Minerals in 2016 - NBS
  9. NIPOST Generates N8.84bn Revenue in 2016 - NBS
  10. Q4 2016 Merchandise Trade Intensity - Total Trade Grows by 6.5% in 2016
  11. Merchandise Trade Grows in Q4 2016 - Records First Quarterly Positive Trade Balance Since Q4 2015
  12. GDP Contracts by -1.30% in Q4 and -1.51% for Full Year 2016; Is Nigeria on Its Way Out of Recession?
  13. JAMB Received 11.7m Applications Between 2010 and 2016
  14. Average Kerosene Price Increases to N433.84 in Jan'17 from N231.85 in Dec'16
  15. Average Intracity Transport Fare Increases to N122 in Jan'17 from N84.29 in Dec'16
  16. Average Cooking Gas Price Increases to N2,567.56 in Jan’17 from N2,002.16 in Dec’16
  17. Average Diesel Price Increases to N240.52 in Jan’17 from N196.20 in Dec’16
  18. Average Petrol Price Increases to N148.7 in Jan'17 from N146.7 in Dec'16
  19. CPI Rises to 18.72% in January 2017, 0.17% Higher Than 18.55% December 2016 Rate
  20. GENCOs Issued Total Invoice of N331bn to DISCOs in 2016
  21. Nigeria Produced 5.79 mln Tonnes of Fish Between 2010 and 2015
  22. 4,296 Applications Were Received by NAFDAC for New Products Registration in 2016 - NBS
  23. 19,833 Vessels Berthed At Nigerian Ports Between 2013 and 2016 - NBS
  24. Total Value of Capital Imported into Nigeria in Q4 2016 Estimated at $1,548.88mln - NBS
  25. Telecoms Sector Contributes N1,399bn to GDP in Q3 2016 - NBS
  26. FAAC Disburses N426.88bn in December 2016 - NBS
  27. Banking Sector Records 910.18m Volume of Transaction in 2016 on Electronic Payment Channels - NBS
  28. Daily Energy Generation Attained a Peak of 3,859.59MW in Q4 2016 - NBS
  29. 10.8% of Nigeria's Total Working Population Are Registered Under The National Pension Scheme - NBS
  30. Nigeria Imports 4.83 bn Litres of PMS in Q4 2016 - NBS
  31. 72.53% of Nigeria’s Prison Population in 2015 were Un-sentenced - NBS
READ MORE:
Related News