BREAKING NEWS, Business
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THE National Bureau of Statistics has released the Consumer Price Index which measures inflation rate with the index dropping from 18.72 percent in January to 17.78 percent in February. The drop in the inflation rate by 0.94 percentage points according to the NBS report is the first time in 15 months that the country would see a reduction in inflation rate.
The report said the drop was attributed to slow increase recorded in food prices and other divisions. “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. 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 NBS said the price increases were recorded in all COICOP divisions that yield the Headline Index. However, the major divisions responsible for accelerating the pace of the increase in the headline index were Housing, Water, Electricity, Gas and Other Fuel, Education, Food and Alcoholic Beverages, Clothing and Front ware and Transportation Services.
On a month-on-month basis, the Headline index increased by 1.49 percent in February 2017, 0.48 percent points higher from the rate of 1.01 percent recorded in January. The Food Index increased by 18.53 percent (year-on-year) in February, up by 0.71 percent points from rate recorded in January (17.82) percent 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.
— Mar 14, 2017 @ 15:50 GMT
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