The National Bureau of Statistics on Sunday released the Consumer Price Index, stating that the country’s inflation rate dropped from eight per cent in January to 7.7 per cent in February.
The report signed by the Statistician-General of the Federation, Dr. Yemi Kale, a copy of which was made available to journalists, attributed the drop to relatively lower increases recorded in food prices such as yam, potato, vegetables and fruits.
The report stated, “In February, the CPI, which measures inflation, rose by 7.7 per cent year-on-year. The moderation in year-on-year rates in February was as a result of higher year-on-year changes exhibited in February 2013.
“During this period, prices increased by 0.75 per cent on a monthly basis (the second highest price increased observed during the year) compared to a moderated increase in the month-on-month rate of change of 0.5 per cent observed in February 2014.
“Food prices also rose at a relatively slower rate in February 2014. Food prices, as observed in the Food sub- Index, rose by 9.2 per cent year-on-year. Prices of yams, potatoes and other tubers, vegetables and fruits increased at slower rates in February, while the prices of bread and cereals rose at a faster rate during the period. The price of meat products grew at the same rate year-on-year compared with January 2014.”
The report showed on a monthly basis, the price increases in the Urban All Items Index eased for the second consecutive month in February, increasing by 0.5 per cent.
It added that the Rural All Items Index further slowed in a similar fashion, to 0.49 in February, down from 0.68 per cent recorded in January.