THE National Bureau of Statistics (NBS), says the inflation rate in February 2020 increased by 0.07 percent to 12.20 percent from 12.13 percent 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 percent (year-on-year) in February 2020. “Increases were recorded in all COICOP divisions that yielded the headline index.
“On a month-on-month basis, the headline index increased by 0.79 percent in February 2020, which is 0.08 percent rate lower than the rate recorded in January (0.87) percent.’’
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 percent.
This, it said shows 0.08 percent point from 11.46 percent recorded in January. It also said that the urban inflation rate increased by 12.85 percent (year-on-year) in February from 12.78 percent recorded in January.
The report added that the rural inflation rate increased by 11.61 percent in February from 11.54 percent in January.
According to the report, on a month-on-month basis, the urban index rose by 0.82 percent in February, up by 0.10 from 0.92 percent recorded in January.
The rural index also rose by 0.76 percent in February, down by 0.07 from the rate recorded in January (0.83) percent.
It said that the corresponding twelve-month year-on-year average percentage change for the urban index was 12.03 percent in February.
“This is higher than 11.92 percent reported in January, while the corresponding rural inflation rate in February is 11.09 percent compared to 11.04 percent recorded in January.’’
The NBS said that the composite food index rose by 14.90 percent in February compared to 14.85 percent 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 a month-on-month basis, the food sub-index increased by 0.87 percent in February, down by 0.12 percent points from 0.99 percent 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 percent in February, up by 0.08 percent when compared with 9.35 percent recorded in January.
“On a month-on-month basis, the core sub-index increased by 0.73 percent in February. This was down by 0.09 percent when compared with 0.82 percent 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 percent, Plateau 16.99 percent, and Gombe 16.96 percent
It added that Nasarawa was put at 13.50 percent, while Bauchi and Katsina had 13.04 percent and Bayelsa at 11.89 percent recorded the slowest rise.
“On a month-on-month basis, however, February food inflation was highest in Benue 2.38 percent, Osun 2.36 percent and Rivers 1.77 percent.
“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).’’
News Agency of Nigeria (NAN) reports that CPI measures the average change over time in prices of goods and services consumed by people for day-to-day living. (NAN)
– Mar. 17, 2020 @ 15:19 GMT |