Written by Godfrey AKON

Nigeria’s inflation rises by 12.20%

Nigeria’s inflation rose by 12.20 per cent in February 2020, from 12.13 per cent it recorded in January.

A Consumer Price Index, CPI, report, released by the National Bureau of Statistics, NBS, said inflation rose by 0.07 per cent points higher than the rate recorded in January 2020, 12.13 per cent.

According to NBS, increases were recorded in all Classification of Individual Consumption by Purpose, COICOP, divisions that yielded the headline index.

The report said on month-on-month basis, the headline index increased by 0.79 per cent in February 2020. This is 0.08 percent rate lower than the rate recorded in January 2020, 0.87 per cent.

“The percentage change in the average composite CPI for the twelve months period ending February 2020 over the average of the CPI for the previous twelve months period was 11.54 percent, showing 0.08 percent point from 11.46 percent recorded in January 2020.

“The urban inflation rate increased by 12.85 percent (year-on-year) in February 2020 from 12.78 percent recorded in January 2020, while the rural inflation rate increased by 11.61 percent in February 2020 from 11.54 percent in January 2020,” it said.

It said “On a month-on-month basis, the urban index rose by 0.82 percent in February 2020, up by 0.10 from 0.92 percent recorded in January 2020, while the rural index also rose by 0.76 percent in February 2020, down by 0.07 from the rate recorded in January 2020 (0.83) percent.

“The corresponding twelve-month year-on-year average percentage change for the urban index is 12.03 percent in February 2020. This is higher than 11.92 percent reported in January 2020, while the corresponding rural inflation rate in February 2020 is 11.09 percent compared to 11.04 percent recorded in January 2020.

“The composite food index rose by 14.90 percent in February 2020 compared to 14.85 percent in January 2020.”

 

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