• Contact Us
  • About Us
Tuesday, June 17, 2025
  • Login
MetroBusinessNews
  • Home
  • Economy
  • Politics
  • News
  • Companies and Markets
  • Energy
  • Sports
  • Real Estate
No Result
View All Result
  • Home
  • Economy
  • Politics
  • News
  • Companies and Markets
  • Energy
  • Sports
  • Real Estate
No Result
View All Result
MetroBusinessNews
No Result
View All Result
ADVERTISEMENT
Home News

Food prices still up as inflation rate falls for the first time in 15 months

metro by metro
March 14, 2017
in News
0
NIRSAL partners Moroccan  Credit Agricole to support Nigerian farmers
0
SHARES
0
VIEWS

For the first time since 2015, consumer price index (CPI), which measures inflation in the economy, fell, signalling a recovery in the Nigerian economy.
According to the National Bureau of Statistics (NBS), the inflation rate dropped from 18.72 percent in January 2017, to 17.78 percent in February 2017.
“On a Headline basis, the Consumer Price Index (CPI) which measures inflation increased by 17.78 percent (year-on-year) albeit at a slower pace in February 2017, 0.94 percent points lower from the rate recorded in January (18.72) percent,” NBS said on Tuesday.
“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 country however recorded price increases in “housing, water, electricity, gas and other fuel, education, food and alcoholic beverages, clothing and frontware and transportation services”.
Despite the signs of recovery seen in the core inflation rate, food prices remain on the rise, with a surge in the food index, from 17.82 percent in January to 18.53 percent (year-on-year) in February.
The increase was 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, Coffee, Tea and Cocoa”.
Despite the fall, inflation rate remains at one of the highest points since Olusegun Obasanjo’s era as the Nigerian President.

Read Also

Kayode Akinyemi Loses Mother

Jega Calls For Mandatory Elecrronic Transmission Of Results, Part-Time Legislators 

Democracy Day: Fiscal Discipline Key To Nigeria’s Sustainable Devt – Auditor-General

Previous Post

Senate President assures 2017 budget will be passed by end of March

Next Post

EXCLUSIVE: Obasanjo speaks on Malabu $1.1 billion scandal, tackles Adoke

Related Posts

Kayode Akinyemi Loses Mother
News

Kayode Akinyemi Loses Mother

June 16, 2025
Jega Calls For Mandatory Elecrronic Transmission Of Results, Part-Time Legislators 
News

Jega Calls For Mandatory Elecrronic Transmission Of Results, Part-Time Legislators 

June 12, 2025
Democracy Day: Fiscal Discipline Key To Nigeria’s Sustainable Devt – Auditor-General
News

Democracy Day: Fiscal Discipline Key To Nigeria’s Sustainable Devt – Auditor-General

June 12, 2025
Trump
News

Protests Spread Across US Despite Trump’s Threats

June 12, 2025
Next Post

EXCLUSIVE: Obasanjo speaks on Malabu $1.1 billion scandal, tackles Adoke

FTS: High Charges, Higher Profits: How Nigerian Banks Feed Fat On Customers

Analysts Applaud CBN On Forbearance, Shareholders Weigh Options As New Report Identifies Banks

June 17, 2025
Dollars

Israel-Iran Conflict May Trigger FDI Decline In Nigeeia, Ghana- Report

June 16, 2025
Nigeria Signs South Korea’s Daewoo To Fix Kaduna Refinery

Nigeria Misses OPEC Quota, Records Third Decline In 2025 Despite FG’s Pledge To Tackle Challenges

June 16, 2025
MetroBusinessNews

© 2022 Metro Business News

Navigate Site

  • Contact Us
  • About Us

Follow Us

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Home
  • Economy
  • Politics
  • News
  • Companies and Markets
  • Energy
  • Sports
  • Real Estate

© 2022 Metro Business News

Go to mobile version