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Breaking: Nigeria’s Inflation rate hits 12.2% as food index rises
The consumer price index, which measures inflation, hit a 21-month high according to the CPI/Inflation report released by the National Bureau of Statistics on Tuesday.
Inflation increased to 12.20% in February, an increase of 0.07 percentage points from the 12.13% recorded in January.
“On a month-on-month basis, the headline index increased by 0.79% in February 2020. This is 0.08% rate lower than the rate recorded in January 2020 (0.87%),” the report reads.
“The urban inflation rate increased by 12.85% (year-on-year) in February 2020 from 12.78% recorded in January 2020, while the rural inflation rate increased by 11.61 in February 2020 from 11.54% in January 2020.
“On a month-on-month basis, the urban index rose by 0.82% in February 2020, up by 0.10 from 0.92% recorded in January 2020, while the rural index also rose by 0.76% in February 2020, down by 0.07 from the rate recorded in January 2020 (0.83%).”
According to the report, food inflation increased to 14.90% in February while core inflation, which excludes the price of volatile agricultural items, increased to 9.43%.
“All items inflation on year on year basis was highest in Bauchi (14.47%), Niger (14.06%) and Plateau (13.98%), while Borno (10.46%), Abuja (9.68%) and Kwara (9.59%) recorded the slowest rise in headline year-on-year inflation,”
“Food inflation on a year on year basis was highest in Sokoto (17.12%), Plateau (16.99%) and Gombe (16.96%), while Nasarawa (13.50%), Bauchi /Katsina (13.04%) and Bayelsa (11.89%) recorded the slowest rise.”
The consumer price index measures the average change over time in prices of goods and services consumed by people for day-to-day living.
