Economy: Nigeria’s inflation rises by 11.4% in February – NBS

Abuja – The National Bureau of Statistics (NBS) on Tuesday, said the inflation rate in February rose by 11.4 per cent compared to the 9.6 per cent in January. This is contained in February 2015 Consumer Price Index (CPI)/ Inflation Report issued by the NBS in Abuja. The CPI measures the average change over time in prices of goods and services consumed by people on daily basis.
According to the report, the CPI which measures inflation, has recorded a significant increase in February. “The headline index increased by 11.4 per cent year-on-year in February, roughly 1.76 per cent point higher from rates recorded in January (9.6%). “The faster pace of increases which led to the overall rise in the headline index was recorded across almost all major divisions. “ This contributes to the headline index with the exception of the restaurants and hotels division which increased, albeit at a slower pace.’’ After increasing at the same pace for two months, the report said the pace of food prices as recorded by the food sub-index increased at faster pace in February. It said the food index increased by 11.3 per cent, up by 0.71 per cent point from rates recorded in January. During the month, it said that all major food groups which contributed to the food sub-index increased at a faster pace during the month. “The food sub-index increased at a faster pace with the exception of potatoes, yams and other tubers and sugar, jam, honey, chocolate and confectionery groups. “The ‘All Items less Farm Produce’ or Core sub-index, increased at a faster pace in February as imported items as well as other domestic products, resulting in ripple effects across many divisions. “The index increased by 11.0 per cent in February, roughly 2.2 per cent points from rates recorded in January,’’ it stated. On a month-on-month basis, the report said that the Headline Index increased at a faster pace in February relative to January. Meanwhile, the report said both the urban and rural indices recorded increases in January. “The urban index rose by 12.3 per cent (year-on-year) from 9.7 per cent in the month earlier, and the rural index increased by 10.7 per cent in February from 9.5 per cent in January. “On a month-on-month basis, both the urban and rural indices increased at a faster pace. “The urban index increased by 3.0 per cent in February from 0.9 per cent in January, while the rural index increased by 1.8 per cent from 0.9 per cent in January,’’ it added.