During this period, prices increased by 0.75 per cent on a monthly basis.
Nigeria's Composite Price Index, CPI, which measures the average change in price level for goods and commodities, otherwise called inflation rate, moderated at 7.7 per cent year-on-year in February, down from the 8.0 per cent growth rate recorded in the preceding month.
The rate sustained the single digit trend that had been in place since January 2013, the National Bureau of Statistics, NBS, said in its National Statistical CPI news released in Abuja at the weekend.
The NBS said the moderation in year-on-year rates in February was as a result of higher year-on-year changes exhibited during the month under review.
The statistics agency reported that during this period, prices increased by 0.75 per cent on a monthly basis, the second highest price increase observed during the year, compared to a moderated increase in the month-on-month rate of change of 0.5 per cent observed in February 2014.
The agency said the average change in price level was the food prices, which also rose at a relatively slower rate in the month under review at 9.2 per cent year-on-year.
It said the prices of yams, potatoes and other tubers; vegetables and fruits increased at slower rate, while prices of bread and cereals rose at a faster rate during the period.
"After a brief respite in January 2014, prices in the core sub-index increased at a faster rate in February," the NBS stated.
"Prices rose by 7.2 per cent year-on-year, higher than the price increase recorded in January by 0.6 percentage points."
On a monthly basis, prices increased at a slower rate for the second consecutive month, increasing by 0.5 per cent in February, marginally lower than the 0.64 per cent increase recorded in January.
"After a slight increase in January (year-on-year) urban price increases moderated as indicated by the Urban composite CPI," the Bureau said.
The index was recorded at 153.0 points in February, a 7.8 per cent increase from levels recorded in February 2013. The price increase was lower than rates recorded in January by 0.4 percentage points.
"The corresponding Rural National CPI recorded a 7.7 per cent year-on-year change in February 2014, easing marginally from the rate recorded in January (7.8 per cent).
"On a monthly basis, price increases in the Urban All-items index eased for the second consecutive month in February, increasing by 0.5 per cent", the Bureau added.
Similarly, it stated that the Rural All Items index also showed a similar trend, increasing by 0.49 per cent in February, down from 0.68 per cent recorded in the preceding month.
The percentage change in the average CPI for the 12 month period ended February 2014 over the average of the CPI for the previous 12 month period was recorded at 8.3 per cent, marginally lower from the 8.4 per cent average 12 month rate of change recorded in January.
The NBS report also indicated that the corresponding 12-month year-on-year average percentage change for the Urban index was 8.5 per cent, while the corresponding Rural index was recorded at 8.1 per cent, showing that both were lower from the previous 12 month rates of change by 0.2 percentage points.
Inflation rate moderates at 7.7 per cent in February.
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