WPI inflation hits 39-month high to 6.55% in Feb'17
- Author: Zachary Reyes Mar 16, 2017,
Mar 16, 2017, 13:27
The latest price data released by the Central Statistics Office (CSO) represents a slight pick-up in the pace of remonetisation, led by an increase in food prices.
The Consumer Price Index increased 0.1% in February on a seasonally adjusted basis.
Retail inflation rose to 3.65 percent in February mainly on account of surge in price of food items like fruits, sugar and confectionery.
The government also revised December inflation rate to 3.68 per cent from the previous provisional reporting of 3.39 per cent.
As regards the CPI, it rose to a 4-month high of 3.65 per cent in February after touching a multi-year low of 3.17 per cent in the previous month.
Falling gasoline prices offset rising prices for food, housing and recreation last month.
Nigeria inflation rate finally fell for the first time since 2015 as consumer price index (CPI), which measures inflation in the economy went down in what signals as a recovery in the Nigerian economy.
Inflation for fuel and power segment came at 21.02% in February as compared to 18.14% for the previous month. The report shows an uptick in the price of consumer goods for February, a net gain of 0.1%.
Electronics and appliance stores nosedived 2.8 percent for the month, the biggest monthly drop since December 2011, and were down six percent from February of a year ago.
Meanwhile, in the video below, Naij.com visited markets recently to discover that despite President Buhari's return, prices of goods are still on the high side.
ICRA Principal Economist Aditi Nayar said the likelihood of a repo rate cut by the RBI in April 2017 remains subdued, given its focus on bringing inflation to 4 per cent in a durable manner.