CPI Drops to 17.26% in March 2017, 0.52% Lower Than 17.78% February Rate


Thursday, April 13, 2017 9:30 AM/NBS 

All Items Index
On a Headline basis, the Consumer Price Index (CPI) which measures inflation increased by 17.26 percent (year-on-year) albeit at a slower pace in March 2017, 0.52 percent points lower from the rate recorded in February (17.78) percent.  

This is the second consecutive month of a decline in the headline CPI on a year on year basis, representing the effects of stabilizing prices in already high food and non-food prices as well as favourable base effects over 2016 prices. It is also indicative of early effects of a strengthened naira in the foreign exchange rate market.  

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 1.72 percent in March 2017, 0.23 percent points higher from the rate recorded in February.

The Food Index increased by 18.44 percent (year-on-year) in March, slightly down 0.09 percent points from rate recorded in February (18.53) 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, Fruits, Coffee, Tea and Cocoa. 

It should be noted that the Headline Index is made up of the Core Index and Farm Produce items. As. Processed Foods are included in both the Core and Food sub-indices; this Implies that these sub-indices are not mutually-exclusive.

Price movements recorded by All Items less farm produce or Core sub-index rose by 15.40 percent (year-on-year) in March, down by 0.60 percent points from rate recorded in February (16.00) percent. 

During the month, the highest increases were seen in Miscellaneous services relating to the dwelling, electricity, solid fuels, clothing materials and other articles of clothing, Liquid fuel, Spirits as well as Fuels and lubricants for personal transport equipment.     

The Urban index rose by 18.27 percent (year-on-year) in March from 18.57 percent recorded in February, and the Rural index increased by 16.47 percent in March from 16.98 percent in February.  

On month-on-month basis, the urban index rose by 1.76 percent in March from 1.52 percent recorded in February, while the rural index rose by 1.69 percent in March from 1.47 percent in February. 

The corresponding twelve-month year-on-year average percentage change for the urban index increased from 18.42 percent in February to 18.79 percent in March, while the corresponding rural index also increased from 15.70 percent in February to 16.05 percent in March.  

Food Index
The Composite Food Index rose by 18.44 percent in March 2017. The rise in the index was caused by increases in prices of Potatoes, yam and other tubers, Bread and cereals, Meat, Milk, cheese and eggs.  

On a month-on-month basis, the Food sub-index increased by 2.21 percent in March, up by 0.22 percent points from 1.99 percent recorded in February. 

The average annual rate of change of the Food sub-index for the twelve-month period ending in March 2017 over the previous twelve-month average was 16.60 percent, 0.47 percent points from the average annual rate of change recorded in February (16.13 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 15.4 percent during the month, 0.60 percent points from 16.00 percent recorded in March as all key divisions which contributes to the index increased. 

On a month-on-month basis, the Core sub-index increased by 1.32 percent in March, 0.22 percent points higher from 1.10 percent recorded in February. The highest increases were recorded in Miscellaneous services relating to the dwelling, electricity, books and stationaries, solid fuels, clothing materials and other articles of clothing, Liquid fuel, Spirits and Fuels and lubricants for personal transport equipment.    

Click Here to Download March 2017 CPI (PDF) Report 


Latest 2017 NBS Reports 

Q2 2017 

1.       7.49m Nigerians Are Registered Under the National Pension Scheme As At Q1 2017 - NBS

2.      Lagos Airport Accounted for 69.1% of International Passengers in 2016 - NBS

Q1 2017

3.      11,363 Road Traffic Crashes Recorded in 2016 - NBS

4.      FAAC Disburses N514.15bn in February 2017

5.      FAAC Disburses N430.16bn in January 2017

6.     Average Intercity Transport Fare Decreases to N1,411.87 in Feb’17 from N1430.63 in Jan’17

7.      Average Price of 1kg of Rice Increased by 68% YoY in February 2017

8.     Average Prices of PMS, AGO, HHK and Cooking Gas Price Watch - February 2017

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

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

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

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

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

14.  GDP Contracts by -1.30% in Q4 and -1.51% for Full Year 2016; Is Nigeria on Its Way Out of Recession?

15.   JAMB Received 11.7m Applications Between 2010 and 2016

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

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

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

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

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

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

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

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

24. 4,296 Applications Were Received by NAFDAC for New Products Registration in 2016 - NBS

25.  19,833 Vessels Berthed At Nigerian Ports Between 2013 and 2016 - NBS

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

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

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

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

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

31.  10.8% of Nigeria's Total Working Population Are Registered Under The National Pension Scheme - NBS

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

33. 72.53% of Nigeria’s Prison Population in 2015 were Un-sentenced - NBS

34. Lagos, Ogun Top IGR for H1 2016 

Related News 

1.       Inflation Expected To Slide Further To 16.4% In March 2017 - FDC

2.      Inflation Rate to Drop Further to 16.52% - FSDH

3.      Base Effects Strike Down Inflation In February 2017

4.      After NBS Release: What is Core Inflation, CPI, Base Effect

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


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