Nigeria Records First Drop In Inflation Since The New Administration

25

According to a Consumer Price Index released by the National Bureau of Statistics on Tuesday, inflation has dropped by 0.94 percent.

Apart from the inflation report, the NBS also released four other reports. They are Cooking gas price watch, Premium Motor Spirit price watch, Kerosene price watch and diesel price watch.

 

The report reads, “On a Headline basis, the Consumer Price Index which measures inflation increased by 17.78 per cent (year-on-year) albeit at a slower pace in February 2017, 0.94 percent points lower from the rate recorded in January (18.72) per cent.

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

“The major divisions responsible for accelerating the pace of the increase in the headline index were housing, electricity, gas and other fuels, education and alcoholic beverage, clothing and transportation service.”

This of course is a big break for Nigerians, and especially the government in power. But the bigger break will be when the common man begins to feel this drop.