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Nigeria's Inflation Rate Drops To 11.31% – NBS

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Nigeria's statistical agency, on Friday, disclosed that the Consumer Price Index which measures inflation has dropped from 11.37 percent in January to 11.31 percent in February. The 11.31 percent 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 percent year-on-year in February from 11.66 percent recorded in January. On the other hand, the statement disclosed that the rural inflation rate increased by 11.05 percent in February from 11.11 percent recorded in January. On a month-on-month basis, the urban index rose by 0.76 percent in February, down by 0.01 from 0.77 percent recorded in January, while the rural index also rose by 0.71 percent in February 2019, the same rate as was recorded in January.

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

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

The National Bureau of Statistics 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 percent) Delta (9.60 percent) and Kwara (9.36 percent) recorded the slowest rise in headline year on year inflation.

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