• Contact Us
  • About Us
Sunday, October 1, 2023
  • 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

Amid Heightening Tension, INEC To Conduct Mock Accreditation For Forthcoming Guber Polls In Kogi, Imo, Bayelsa

Amid Piling Backlog, FG Launches Reforms To Reduce Bottlenecks, Identity Theft In Passport Issuance

Greener Tomorrow: Transcorp Champions Environmental Project Promoting Waste Management, Recycling In Local Schools

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

Amid Heightening Tension, INEC To Conduct Mock Accreditation For Forthcoming Guber Polls In Kogi, Imo, Bayelsa
News

Amid Heightening Tension, INEC To Conduct Mock Accreditation For Forthcoming Guber Polls In Kogi, Imo, Bayelsa

September 25, 2023
Amid Piling Backlog, FG Launches Reforms To Reduce Bottlenecks, Identity Theft In Passport Issuance
News

Amid Piling Backlog, FG Launches Reforms To Reduce Bottlenecks, Identity Theft In Passport Issuance

September 25, 2023
Transcorp Maintains Growth Trajectory With Strong H1 2023 Financial Performance
News

Greener Tomorrow: Transcorp Champions Environmental Project Promoting Waste Management, Recycling In Local Schools

September 21, 2023
News

US Court Grants Atiku’s Request, Orders Release Of Tinubu’s Academic Records

September 20, 2023
Next Post

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

UAE’s Brightest Minds to Enter Bybit’s Crypto Hackathon in UAE

September 29, 2023

Bybit and Max Verstappen Extend Grand Prix Triumph with Unforgettable Fan Celebration in Japan

September 29, 2023

Ethiopian Delegation to AFSIC – Investing in Africa 2023 Ethiopia – “The New Frontier Market, Opening Doors and Creating Opportunities”

September 28, 2023
ADVERTISEMENT
MetroBusinessNews

© 2022 Metro Business News

Navigate Site

  • Contact Us
  • About Us

Follow Us

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

© 2022 Metro Business News

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
Go to mobile version