National Bureau of Statistics(NBS) has said the consumer price index, (CPI) which measures inflation increased by 12.20% (year-on-year) in February 2020, hitting a 21-month high.
In its inflation report for February 2020 released on Tuesday, the agency explained that the figure was 0.07% higher than the rate of 12.13% recorded in January 2020.
The last time the inflation rate was in this region was in May 2018. At the time, it was 11.61%.
The food index rose from 14.85% recorded in January to 14.9% in February 2020 while core inflation increased by 0.08% to stand at 9.43% compared to 9.35% recorded in the preceding month
“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 report said.
According to the report, food index rose from 14.85% recorded in January to 14.9% in February 2020 while core inflation which excludes the price of volatile agricultural items, increased by 0.08% to stand at 9.43% compared to 9.35% recorded in the preceding month.
“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 consumer price index measures the average change over time in prices of goods and services consumed by people for day-to-day living.