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Nigeria’s inflation increases to 12.20 per cent

17 Mar 2020, 11:25 am
Financial Nigeria
Nigeria’s inflation increases to 12.20 per cent

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Food inflation rose by 5 basis points to 14.90 per cent in February.

An aerial view of Marina Business District, Lagos

Nigeria’s Consumer Price Index (CPI) increased to 12.20 per cent year-on-year in February 2020, according to the monthly inflation report released today by the National Bureau of Statistics (NBS). This represents an increase of 7 basis points (bps) (or 0.07 percentage point) compared to 12.13 per cent reported in January 2020. It is also the sixth consecutive monthly rise in the CPI, which measures inflation.

On month-on-month basis, the headline inflation increased by 0.79 per cent in February, or 0.08 percentage point higher than the rate recorded in the previous month. The NBS said there were increases in all major indices.

In February, food inflation rose by 5 bps to 14.90 per cent, compared to 14.85 per cent reported in January. According to the NBS, the rise in the food inflation was caused by increases in prices of bread and cereals, fish, meat, vegetables, as well as oils and fats. Based on state profiles, food inflation was highest in Sokoto (17.12 per cent), Plateau (16.99 per cent) and Gombe (16.96 per cent), while Nasarawa (13.50 per cent), Bauchi /Katsina (13.04 per cent) and Bayelsa (11.89per cent) recorded the slowest rise.

Core inflation, which excludes the prices of volatile agricultural produce, stood at 9.43 per cent in February, rising by 0.08 percentage point when compared to the preceding review period. The statistics agency said the highest increases were recorded in prices of pharmaceutical products, non-durable household goods, catering services, passenger transport by air, repair of furniture, maintenance and repair of personal transport equipment, water supply, carpet and other floor coverings.

Price increases were also recorded in major household appliances, dental services, hospital services and vehicle spare parts.

Also, in the review period, urban inflation rate stood at 12.85 per cent, rising by 7 bps from 12.78 per cent recorded in January, while the rural inflation rate also rose by 7 bps from 11.54 per cent in January to 11.61 per cent last month.

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