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Inflation rises by 0.07 percent in February 2020— NBS
CONSUMER Price Index (CPI) which measures inflation increased to 12.20 per cent (year-on-year) in February 2020,which is 0.07 per cent points higher than 12.13 per cent recorded in January, a report by National Bureau of Statistics (NBS) has revealed.
According to the NBS report released on Tuesday, increases were recorded in all the Classification of Individual Consumption According to Purpose (COICOP) divisions that yielded the headline index.
The report shows that urban inflation rate increased to 12.85 per cent (year-on-year) in February 2020 from 12.78 per cent recorded in January 2020, while the rural inflation rate increased to 11.61 per cent in the same month from 11.54 per cent in January 2020.
The composite food index rose to 14.90 per cent in February 2020 compared to 14.85 per cent that it was in January.
It stated that rise in the food index was caused by increases in prices of bread and cereals, fish, meat, vegetables, and oils and fats.
On a month-on-month basis, the food sub-index increased to 0.87 per cent in February 2020, down by 0.12 per cent points from 0.99 per cent recorded in January 2020, the report showed.
According to the NBS report, ”All items less farm produce” or core inflation, which excludes the prices of volatile agricultural produce stood at 9.43 per cent in February 2020, up by 0.08 per cent when compared with 9.35 per cent recorded in January 2020.
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, major household appliances, dental services, hospital services and vehicle spare parts.
The NBS report showed that in February 2020, all items inflation on year-on- year basis was highest in Bauchi 14.47 per cent, Niger 14.06 per cent and Plateau 13.98 per cent, while Borno 10.46 per cent, Abuja 9.68 per cent and Kwara 9.59 per cent recorded the slowest rise in headline year on year inflation.
But on a month-on-month basis however, in February 2020 all items inflation was highest in Kano 1.59 per cent, Benue 1.55 per cent and Taraba 1.53 per cent.
While Ondo, Ogun, Nasarawa, Kebbi, Bauchi, Anambra all recorded price deflation or negative inflation (general decrease in the general price level or negative inflation rate).
It further showed that in February 2020, food inflation on a year on year basis 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 11.89 per cent recorded the slowest rise.
While on a month on month basis, February 2020 food inflation was highest in Benue 2.38 per cent, Osun 2.36 per cent and Rivers 1.77 per cent, Abuja, Anambra, Bauchi, Bayelsa, Katsina, Kebbi, Nasarawa, Ogun and Ondo all recorded price deflation or negative inflation.