The National Bureau of Statistics on Tuesday released the Consumer Price Index which measures inflation rate with the index dropping year-on-year from 18.72 percent in January to 17.78 percent in February.
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 drop by 0.94 percentage points in inflation is a relief to consumers as this is the first time in 15 months that the country would see a reduction in the price index.
The report said the drop was attributed to slow increases recorded in food prices and other divisions.
For instance, the bureau in the report stated that while housing, electricity, gas and other fuels, education and alcoholic beverage, clothing and transportation service recorded accelerated price increases, that of soft drinks, coffee and cocoa moderated during the period.
The report reads in part, “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.”
On a month-on-month basis, the NBS report said the headline index increased by 1.49 per cent in February 2017, 0.48 percent points higher from the rate of 1.01 per cent recorded in January.
The report stated that the urban index rose by 18.57 percent year-on-year in February from 20.31 percent recorded in January, while the rural index increased by 16.98 percent in February from 17.34 percent in January.
On month-on-month basis, the report explained that urban index rose by 1.52 percent in February from 1.03 percent recorded in January, while the rural index rose by 1.47 percent in February from one percent in January.
In the cooking gas price watch report, the bureau said the average price for the refilling of a 5kg cylinder of cooking gas increased by 5.48 percent month-on-month and 45.59 percent year-on-year to N2,708.38 in February 2017 from N2,567.56 in January 2017.
It said the states with the highest average price for the refilling of a 5kg cylinder of cooking gas are Edo (N3,030.00), Abia, Akwa Ibom, Bayelsa, Cross River, Zamfara, Rivers and Kebbi (N3,000) & Delta (2,984.62).
On the other hand, the NBS in the report gave the states with the lowest average price for the refilling of a 5kg cylinder of cooking gas as Osun (N2,393.75), Oyo (N2,376.47) and Ondo,(N2,372.73).
In terms PMS report, the bureau said the average price paid by consumers for petrol increased by 50.1 per cent year-on-year and 0.7 per cent month-on-month to N149.8 in February 2017 from N148.7 in January 2017.
States with the highest average price of petrol based on the report are Yobe (N177), Sokoto (N162.1) & Taraba (N161.7).
It gave the states with the lowest average price of PMS as Lagos (N144.9), Delta (N144.8) and Osun (N144.7).
For diesel, the report said the average price paid by consumers for the product increased by 3.68 percent month-on-month and 68.74 percent year-on-year to N249.38 in February 2017 from N240.52 in January 2017.
It said while Adamawa with N280, Ebonyi N272.5 and Borno N271 recorded the highest average prices, Oyo with N226.67, Bauchi N226 and Osun N220 recorded the lowest average price of diesel.
In terms of kerosene, the NBS said the average price of the product paid by consumers increased by 31.34 per cent year-on-year to N352.42 in February 2017 from N433.84 in January 2017.
States with the highest average price per litre of kerosene were Lagos (N455), Ogun (N425.44) and Ondo (424.07).
On the other hand, the report said states with the lowest average price per litre of kerosene were Sokoto (N295.24), Gombe (N291.67) and Katsina (N286.11).