NBS releases Consumer Price Index

The National Bureau of Statistics on Friday released the Consumer Price Index which measures inflation with the index dropping from 11.37 per cent in January to 11.31 per cent in February.

The 11.31 per cent represents a decline of 0.06 percentage points lower than the rate recorded in January. The report stated that the urban inflation rate increased by 11.59 per cent year-on-year in February from 11.66 per cent recorded in January.

On the other hand, the report stated that the rural inflation rate increased by 11.05 per cent in February from 11.11 per cent recorded in January. On a month-on-month basis, the urban index rose by 0.76 per cent in February, down by 0.01 from 0.77 per cent recorded in January, while the rural index also rose by 0.71 per cent in February 2019, same rate as was recorded in January.

The report reads in part, “The consumer price index, which measures inflation increased by 11.31 per cent year-on-year in February 2019.

“This is 0.06 per cent points lower than the rate recorded in January 2019. “Increases were recorded in all divisions that yielded the headline index.”

The report stated that inflation rate was highest in Kebbi (13.78 per cent),Taraba (13.57 per cent) and Kaduna (13.54 per cent), while Cross River (9.81 per cent) Delta (9.60 per cent) and Kwara (9.36 per cent) recorded the slowest rise in headline year on year inflation.

On a month on month basis, however, inflation was highest in Taraba (1.87 per cent), Ogun (1.83 per cent), and Imo (1.62 per cent), while Jigawa recorded the slowest rise (0.13 per cent), with Delta and Kogi recording negative inflation in February.

(Punch)