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Inflation Rate Rises To 12.2% – NBS

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The Nigerian inflation rate has risen to 12.20% in the month of February, the highest since May 2018 at 11.6%.

In its report released on Tuesday, the National Bureau of Statistics NBS noted that Consumer Price Index CPI which measures inflation showed an increase of 0.07 percentage points from the 12.13% recorded in the month of January.

According to NBS, “On a month-on-month basis, the headline index increased by 0.79% in February 2020. This is 0.08% rate lower than the rate recorded in January 2020 (0.87%).

“The urban inflation rate increased by 12.85% (year-on-year) in February 2020 from 12.78% recorded in January 2020, while the rural inflation rate increased by 11.61% in February 2020 from 11.54% in January 2020.

“On a month-on-month basis, the urban index rose by 0.82% in February 2020, up by 0.10 from 0.92% recorded in January 2020, while the rural index also rose by 0.76% in February 2020, down by 0.07 from the rate recorded in January 2020 (0.83%).”

The statistics bureau also revealed that food inflation increased marginally year on year to 14.90% in January 2020 compared to 14.85% in January 2019 while core Inflation also rose to 9.43% in January 2020 compared to the 9.35 per cent in January 2019.

NBS further stated that “All items inflation on year on year basis was highest in Bauchi (14.47%), Niger (14.06%) and Plateau (13.98%), while Borno (10.46%), Abuja (9.68%) and Kwara (9.59%) recorded the slowest rise in headline year-on-year inflation.

“Food inflation on a year on year basis was highest in Sokoto (17.12%), Plateau (16.99%) and Gombe (16.96%), while Nasarawa (13.50%), Bauchi /Katsina (13.04%) and Bayelsa (11.89%) recorded the slowest rise.”

The report however revealed that increase in food prices such as bread and cereals, meat, oils and fats, potatoes, yam and other tubers and fish was responsible for the rise in the food index.

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