Nigeria’s inflation rate for the month of February 2020 increased to 12.20 percent from 20.13 recorded in January this year.
The National Bureau of Statistics (NBS) said in its monthly consumer price index, (CPI), which measures inflation, that the increase was 0.07 percent points higher than the rate recorded in January 2020.
The report released on Tuesday in Abuja said that increases were recorded in all COICOP divisions that yielded the Headline index and that on month-on-month basis, the Headline index increased by 0.79 percent in February 2020.
“This is 0.08 percent rate lower than the rate recorded in January 2020 (0.87) percent. The consumer price index, (CPI) which measures inflation increased by 12.20 percent (year-on-year) in February 2020.
“This is 0.07 percent points higher than the rate recorded in January 2020 (12.13) percent,” the NBS said.
According to the report, 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.
“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 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 report added.
GIK/APA