The National Bureau of Statistics early this week released the Consumer Price Index, which measures inflation rate, with the index dropping year-on-year from 18.72 per cent in January to 17.78 per cent in February.
Apart from the inflation report, the NBS also released four others. They are the cooking gas price watch, Premium Motor Spirit (petrol) price watch, kerosene price watch and the 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 will witness a reduction in the price index.
The report attributed the drop in the inflation rate to slow increases recorded in food prices and other divisions.
For instance, the bureau stated that while housing, electricity, gas and other fuels, education and alcoholic beverages, clothing and transportation services recorded accelerated price increases, soft drinks, coffee and cocoa moderated during the period. The report read 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 per cent 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.”
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