| Nigeria Economy |    3751 VIEWS  |
| Nigeria Economy | |
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Tuesday, March 17, 2020
09:10AM / NBS/ Header Image Credit:NBS
All Item Index
The
consumer price index, (CPI) which measures inflation increased by 12.20 percent
(year-on-year) in February 2020. This is 0.07 percent points higher than the
rate recorded in January 2020 (12.13) percent.
Increases
were recorded in all COICOP divisions that yielded the Headline index.
On
month-on-month basis, the Headline index increased by 0.79 percent in February
2020. This is 0.08 percent rate lower than the rate recorded in January 2020
(0.87) percent.
Inflation Rate (YoY) - Jul 2019 to Feb 2020
The
percentage change in the average composite CPI for the twelve months period
ending February 2020 over the average of the CPI for the previous twelve months
period was 11.54 percent, showing 0.08 percent point from 11.46 percent
recorded in January 2020.
The
urban inflation rate increased by 12.85 percent (year-on-year) in February 2020
from 12.78 percent recorded in January 2020, while the rural inflation rate
increased by 11.61 percent in February 2020 from 11.54 percent in January 2020.
On
a month-on-month basis, the urban index rose by 0.82 percent in February 2020,
up by 0.10 from 0.92 percent recorded in January 2020, while the rural index
also rose by 0.76 percent in February 2020, down by 0.07 from the rate recorded
in January 2020 (0.83) percent.
The corresponding twelve-month year-on-year average percentage change for the urban index is 12.03 percent in February 2020. This is higher than 11.92 percent reported in January 2020, while the corresponding rural inflation rate in February 2020 is 11.09 percent compared to 11.04 percent recorded in January 2020.
Food Index
The
composite food index rose by 14.90 percent in February 2020 compared to 14.85
percent in January 2020.
This
rise in the food index was caused by increases in prices of Bread and Cereals,
Fish, Meat, Vegetables, and Oils and fats.
On
month-on-month basis, the food sub-index increased by 0.87 percent in February
2020, down by 0.12 percent points from 0.99 percent recorded in January
2020.
The average annual rate of change of the Food sub-index for the twelve-month period ending February 2020 over the previous twelve-month average was 13.98 percent, 0.12 percent points from the average annual rate of change recorded in January 2020 (13.86) percent.
All Items Less Farm Produce
The "All items less farm produce" or Core inflation, which excludes the prices of
volatile agricultural produce stood at 9.43 percent in February 2020, up by
0.08 percent when compared with 9.35 percent recorded in January 2020.
On
month-on-month basis, the core sub-index increased by 0.73 percent in February
2020. This was down by 0.09 percent when compared with 0.82 percent recorded in
January 2020.
The
highest increases were recorded in prices of Pharmaceutical products,
Non-durable household goods, Catering services, Passenger transport by air,
Repair of furniture, Maintenance and repair of personal transport equipment,
Water supply, carpet and other floor coverings, Major household appliances,
Dental services, Hospital services and Vehicle spare parts.
The
average 12-month annual rate of change of the index was 9.09 percent for the
twelve-month period ending February 2020; this is 0.02 percent points lower
than 9.11 percent recorded in January 2020.
State Profiles
In
analysing price movements under this section, note that the CPI is weighted by
consumption expenditure patterns which differ across states. Accordingly, the
weight assigned to a particular food or non-food item may differ from state to
state making interstate comparisons of consumption basket inadvisable and
potentially misleading.
All
Items Inflation
In
February 2020, 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.
On
month on month basis however, February 2020 all items inflation was highest in
Kano (1.59%), Benue (1.55%) and Taraba (1.53%), while Ondo, Ogun, Nasarawa,
Kebbi, Bauchi, Anambra all recorded price deflation or negative inflation (general decrease in the general price
level or negative inflation rate).
Food
Inflation
In
February 2020, food inflation on a year on year basis was highest in Sokoto
(17.12%), Plateau (16.99%) and Gombe (16.96%), while Nasarawa (13.50%), Bauchi
/Katsina (13.04%) and Bayelsa (11.89%) recorded the slowest rise.
On
month on month basis however, February 2020 food inflation was highest in Benue
(2.38%), Osun (2.36%) and Rivers (1.77%), while Abuja, Anambra, Bauchi,
Bayelsa, Katsina, Kebbi, Nasarawa, Ogun and Ondo all recorded price deflation
or negative inflation (general decrease in the general price level of food or a
negative food inflation rate).
Click Here to Download February 2020 CPI PDF Report
Latest
2020 NBS Reports
Q1 2020
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