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    Nigeria’s inflation rate for February dips to 11.31%

    APA – Lagos (Nigeria)

    The National Bureau of Statistics (NBS) has said that the consumer price index, (CPI) which measures inflation increased by 11.31 percent (year-on-year) in February 2019.

    The monthly report of CPI released by the NBS on Friday in Abuja said that the figure was 0.06 percent points lower than the rate recorded in January 2019 of 11.37 percent.

    It added that increases were recorded in all Classification of Individual Consumption by Purpose (COICOP) divisions that yielded the Headline index.

    On month-on-month basis, the Headline index increased by 0.73 percent in February 2019, this is 0.01 percent rate lower than the rate recorded in January 2019 (0.74) percent.

    According to the report, the percentage change in the average composite CPI for the 12 months period ending February 2019 over the average of the CPI for the previous 12 months period was 11.56 percent, showing 0.24 percent point from 11.80 percent recorded in January 2019.

    The urban inflation rate increased by 11.59 percent (year-on-year) in February 2019 from 11.66 percent recorded in January 2019, while the rural inflation rate increased by 11.05 percent in February 2019 from 11.11 percent in January 2019.


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