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Inflation rate drops for 13th consecutive time to 14.33% in February –NBS
Inflation rate in Nigeria continues to slowdown for the thirteenth consecutive months since January 2017, dropping to 14.33 per cent in February 2018.
This was disclosed by the National Bureau of Statistics (NBS) on Wednesday, explaining that the country’s Consumer Price Index (CPI) which measures inflation rose by 14.33 per cent (year-on-year) in February.
According to the report, the 14.33 per cent rate for February is 0.08 percentage points lower than the 15.3 per cent recorded in January.
On a month-on-month basis, the index increased by 0.79 per cent in February 2018, down by 0.01 per cent points from the rate recorded in January.
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The report further revealed that food index increased by 17.59 per cent (year-on-year) in February, down by 1.33 percentage points from 18.82 per cent recorded in January 2018.
During the month, according to the NBS report, all key food sub-indexes increased.
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