Nigeria’s Inflation Drops By 0.06% In February – NBS

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Nigeria's GDP Falls 2.24% In 3rd Quarter of 2016

The consumer price index, which measures inflation level in the country, dropped to 11.31 percent in February 2018 from the 11.37 percent rate recorded in January 2019.

This is according to a monthly inflation data released by the National Bureau of Statistics (NBS), which shows a gradual increase in the price index.

The data highlighted that on a month-on-month basis, the headline index increased by 0.73 percent in February 2019, which is 0.01 percent rate lower than the rate recorded in January 2019 (0.74) percent.

READ ALSO: Nigeria’s Economy Grew By 1.9 Per Cent In 2018 – NBS

The urban inflation rate increased by 11.59 percent (year-on-year) in February 2019 from 11.66 percent recorded in January 2019, while the rural inflation rate increased by 11.05 percent in February 2019 from 11.11 percent in January 2019.

However, the composite food index rose by 13.47 percent in February compared to 13.51 percent in January 2019.

This rise in the food index, according to the released date, was caused by increases in the prices of fish, bread and cereals, potatoes, yam and other tubers, meat, vegetables, oils and fats, and fruits.

In February 2019, food inflation on a year-on-year basis was highest in Nasarawa (16.78 percent), Taraba (16.76 percent) and Abuja (16.29 percent), while Kogi (11.68 percent), Delta (11.51 percent) and Abia (10.81 percent) recorded the slowest rise in food inflation.

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