Inflation rate hits 12.2%, highest in 21 months - NBS

Inflation rate hits 12.2%, highest in 21 months - NBS

- There was an increase in inflation rate in February, 2020

- The inflation rate rose by 0.07% to hit 12.2% on a month-to-month basis

- The National Bureau of Statistics (NBS) said that this is a significant increase from the 12.13% recorded in January

According to the National Bureau of Statistics (NBS), inflation rates increased to 12.20% in February 2020, which is regarded as the highest in 21 months.

The NBS revealed in its Consumer Price Index and Inflation report that there has been an increase of 0.07% points from the 12.13% recorded at the beginning of the year.

The NBS said that on a month-to-month basis, the inflation rate increased by 0.79% in February 2020, which is 0.08% rate lower than what was recorded in January 2020.

The agency also revealed that the urban inflation rate rose by 12.85% in February 2020 recorded in January 2020 and that the rural inflation rate increased by 11.61% in February 2020 from 11.54% in January the same year.

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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%).

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According to the report, food inflation increased to 14.90% in February while core inflation, which excludes the price of volatile agricultural items, increased to 9.43%.

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.

Meanwhile, Legit.ng reported that a report by the NBS released on Tuesday, February 18, indicates that Nigeria's inflation rate had risen to 12.13%.

The data released by the bureau on its website showed that the January 2020 inflation rate was 0.15% points higher than the 11.98% recorded in December.

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On a month-on-month basis, the report noted that the headline index increased by 0.87% under the review period. It said the percentage of 0.02% is higher than the rate of 0.85% which was recorded in December 2019.

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Source: Legit.ng

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