Nigeria’s Inflation Rises to 12.20% in February

March 17, 2020
inflation rate Nigeria

By Adedapo Adesanya

Nigeria’s inflation rose for another month, hitting 12.20 percent in February 2020, the latest Consumer Price Index (CPI) released by the National Bureau of Statistics (NBS) revealed on Tuesday, March 17.

According to the stats office, this represents a 0.07 percent points rise compared with the figures in January 2020, which stood at 12.13 percent.

On month-on-month basis, the headline index increased by 0.79 percent in February 2020, about 0.08 percent rate lower than the rate recorded in January 2020, which was 0.87 percent.

In a 12-month period, the average composite CPI ending February 2020 over the average of the CPI for the previous 12 months period was 11.54 percent, showing 0.08 percent point from 11.46 percent recorded in January 2020.

According to the NBS, food inflation rose to 14.90 percent in February from 14.85 percent in January 2020. On month-on-month basis, the food sub-index reduced by 0.12 percent points to 0.87 percent in February 2020 from 0.99 percent recorded in January 2020.

The agency noted that this was caused by increases in prices of bread and cereals, fish, meat, vegetables, and oils and fats.

The report further disclosed that 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, it showed that 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 the previous month of 0.83 percent.

The ”All items less farm produce” or Core inflation, which excludes the prices of volatile agricultural produce stood at 9.43 percent in February 2020, up by 0.08 percent when compared with 9.35 percent recorded in January 2020.

On month-on-month basis, the core sub-index increased by 0.73 percent in February 2020. This was down by 0.09 percent when compared with 0.82 percent recorded in January 2020.

Adedapo Adesanya

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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