Nigeria’s inflation hits 12.2%

Inflation rate dips 0.09% in July – NBS

Illustrative picture. PHOTO: SHIPS & PORTS archive

 

The National Bureau of Statistics (NBS) says inflation rate in February 2020 increased by 0.07 per cent to 12.2 per cent from 12.13 per cent recorded in January.

It said this in its “Consumer Price Index (CPI), February 2020” report released on Tuesday in Abuja.

It added that CPI, which measures inflation increased by 12.20 per cent (year-on-year) in February 2020.

“Increases were recorded in all COICOP divisions that yielded the headline index.

“On month-on-month basis, the headline index increased by 0.79 per cent in February 2020, which is 0.08 per cent rate lower than the rate recorded in January (0.87) per cent.’’

The NBS said that 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 per cent.

This, it said shows 0.08 per cent point from 11.46 per cent recorded in January.

It also said that the urban inflation rate increased by 12.85 per cent (year-on-year) in February from 12.78 per cent recorded in January.

The report added that the rural inflation rate increased by 11.61 per cent in February from 11.54 per cent in January.

According to the report, on a month-on-month basis, the urban index rose by 0.82 per cent in February, up by 0.10 from 0.92 per cent recorded in January.

The rural index also rose by 0.76 per cent in February, down by 0.07 from the rate recorded in January (0.83) per cent.

It said that the corresponding twelve-month year-on-year average percentage change for the urban index was 12.03 per cent in February.

“This is higher than 11.92 per cent reported in January, while the corresponding rural inflation rate in February is 11.09 per cent compared to 11.04 per cent recorded in January.’’

The NBS said that composite food index rose by 14.90 per cent in February compared to 14.85 per cent in January.

“This rise in the food index was caused by increases in prices of bread and cereals, fish, meat, vegetables, oils and fats.

“On month-on-month basis, the food sub-index increased by 0.87 per cent in February, down by 0.12 per cent points from 0.99 per cent recorded in January.’’

The bureau said “all items less farm produce” or Core inflation, which excludes the prices of volatile agricultural produce stood at 9.43 per cent in February, up by 0.08 per cent when compared with 9.35 per cent recorded in January.

“On month-on-month basis, the core sub-index increased by 0.73 per cent in February.

“This was down by 0.09 per cent when compared with 0.82 per cent recorded in January.

“The highest increases were recorded in prices of pharmaceutical products, non-durable household goods, catering services, passenger transport by air, and repair of furniture.

“Others are maintenance and repair of personal transport equipment, water supply, carpet and other floor coverings, major household appliances, dental services, hospital services and vehicle spare parts.’’

For states profile, the NBS said that in February, food inflation on a year-on-year basis was highest in Sokoto at 17.12 per cent, Plateau 16.99 per cent and Gombe 16.96 per cent

It added that Nasarawa was put at 13.50 per cent, while Bauchi and Katsina had 13.04 per cent and Bayelsa at 11.89 per cent recorded the slowest rise.

“On month-on-month basis however, February food inflation was highest in Benue 2.38 per cent, Osun 2.36 per cent and Rivers 1.77 per cent.

“Abuja, Anambra, Bauchi, Bayelsa, Katsina, Kebbi, Nasarawa, Ogun and Ondo states all recorded price deflation or negative inflation (general decrease in the general price level of food or a negative food inflation rate).’’