BY CHINYERE OBIORA, LAGOS – The National Bureau of Statistics (NBS) says the month of February 2020 witnessed a 12.20 per cent rise in annual inflation rate, representing a 0.07 per cent points higher than the January figure of 12.13 per cent.
According to the Bureau, the rise in inflation rate was due to increase in the average imported food prices.
It stated that imported food index rose by 16.40 per cent higher than 16.10 per cent in January amid depreciation of the Naira against the dollar at the interbank window where two months moving average foreign exchange rate rose y-o-y by 0.28 per cent to N358.51/USD in February 2020.
Similarly, food inflation rose by 14.90 per cent higher than 14.85 per cent recorded in January, while core inflation rate also went up by 9.43 per cent from 9.35 per cent in the month of January.
The NBS explained that the rise in food inflation was caused by increases in prices of bread, cereals, meat, fish and vegetables among other things.
On the other hand, it said core inflation was driven by rise in prices of pharmaceutical products, passenger transport by air, hospital services and vehicle spare parts.
In its reports released in Abuja, the NBS also stated that on month-on-month basis, the headline index increased by 0.79 percent in February 2020, representing 0.08 percent rate lower than the rate recorded in January 2020 which stood at 0.87 percent.
Furthermore, the report said percentage change in average composite CPI for the 12 months period ending February 2020 over the average of CPI for previous 12 months period was 11.54 per cent, showing 0.08 percent point from 11.46 per cent recorded in January 2020.
Also, the urban inflation rate increased by 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 by 11.61 per cent in February 2020 from 11.54 per cent in January 2020.
The NBS’ report also captured the fact that on a month-on-month basis, the urban index rose by 0.82 per cent in February 2020, up by 0.10 from 0.92 per cent recorded in January 2020, while the rural index also rose by 0.76 per cent in February 2020, down by 0.07 from the rate recorded in January 2020 (0.83) per cent.
The corresponding 12-month year-on-year average percentage change for the urban index is 12.03 per cent in February 2020. This figure is higher than 11.92 per cent reported in January 2020, while the corresponding rural inflation rate in February 2020 is 11.09 per cent as against 11.04 per cent recorded in January this year.
