NBS releases February CPI report as Nigeria’s increase drops to 14.33%
The NBS report for February 2018 shows that the increase rate measured by the Consumer Price Index (CPI), dropped to 14.33 percent in February from 15.13 percent recorded in January 2018.
The report said 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 2018.
On every month basis, the NBS revealed the Headline index increased by 0.79 percent in February 2018, down by 0.01 percent points from the rate recorded in January.
The NBS said 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 early this year again.
The Bureau said the Food Index increased by 17.59 percent yearly in February, down by 1.33 percent points from rate recorded in January 2018 (18.92) percent, noting that during the month, all major food sub-indexes increased.
The report said the “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”.
In the meantime, the Consumer Price Index measures the average change over time in prices of goods and services consumed by people for a day-to-day living.
The construction of the CPI combines economic theory, sampling and other statistical techniques using data from other surveys to produce a weighted measure of average price changes in the economy of Nigeria.
The selection of the market basket of goods and services is the major thing in the construction of the price index.
On a monthly basis, 10,534 informants spread across the country provide price data for the computation of the CPI and the market items currently comprise of 740 goods and services regularly priced.
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