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Inflation: Bureau Says Nigeria’s Rate Hits 11.31% In February

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The National Bureau of Statistics, NBS says the Consumer Price Index, CPI which measured inflation decreased to 11.31 per cent year-on-year in February from 11.37 per cent recorded in January.

The NBS made this known in its “CPI and Inflation Report’’ for February released in Abuja on Friday on its website. The bureau said the figure was 0.06 per cent points lower than the 11.37 recorded in January in the period under review.

It said the increases were recorded in all Classification of Individual Consumption by Purpose divisions that yielded the Headline index.

On a month-on-month basis, it said the headline index decreased to 0.73 per cent in the period under review by 0.01 per cent points from 0.74 per cent recorded in January.

It said the percentage change in the average composite CPI for the 12 months period ended December over the average of CPI for the previous 12 months period.

The bureau said the urban inflation rate decreased to 11.59 per cent year-on-year from 11.66 per cent recorded in January of the same year.