The National Bureau of Statistics (NBS) on Tuesday released the Consumer Price Index which measures inflation rate with the index dropping from 18.72 per cent in January to 17.78 per cent 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,” NBS said on Tuesday.
Since after Olusegun Obasanjo left government in 2017, inflation has been going up.