Latest statistics from the National Bureau of Statistics (NBS) shows that Nigeria’s consumer price index, which measures inflation, dropped to 11.31% in February 2018, according to its monthly inflation data.
Year-on-year, inflation increased by 11.31% in February 2019. This is 0.06% points lower than the 11.37% rate recorded in January 2019.
• Headline year-on-year shows inflation slowed down to 11.31% in February
• Year on Year Food inflation dropped to 13.47% in February 2019
• Year on Year Core inflation dropped to 9.80% in February 2019
• On a month-on-month basis, the headline index increased by 0.73% in February 2019
• The urban inflation rate increased by 11.59% (year-on-year) in February 2019
• On a month-on-month basis, the urban index rose by 0.76% in February 2019
• In February 2019, all items inflation on a year-on-year basis was highest in Kebbi State
• On a month on month basis, all items inflation was highest in Taraba
• Food inflation on a year on year basis was highest in Nasarawa State
• On a month on month basis, food inflation was highest in Taraba State
The NBS data shows that inflation dropped for the second consecutive month this 2019. In January 2019, the inflation rate increased by 11.37%, while it increased by 11.31% (year-on-year) in February 2019. The slight drop represents 0.06% points lower in February than 11.37% which was recorded in January 2019.
On a month-on-month basis, the Headline index increased by 0.73% in February 2019, this also represents a 0.01% lower than 0.74% points recorded in January 2019.
Also, the percentage change in the average composite CPI for the twelve months was 11.56%, showing a 0.24% points from 11.80% recorded in January 2019.
Urban inflation rate increased by 11.59% (year-on-year) in February 2019 from 11.66% recorded in January 2019, implying a 0.07% drop in Urban inflation.
Also, rural inflation increased by 11.05% in February 2019 from 11.11% in January 2019.
On a month-on-month basis, the urban index rose by 0.76% in February 2019, down by 0.01% from 0.77% recorded in January 2019. Rural index also rose by 0.71%, the same rate recorded in January 2019.
Similarly, the corresponding twelve-month year-on-year average percentage change for the urban index is 11.95% in February 2019. This is less than 12.20% reported in January 2019, while the corresponding rural inflation rate in February 2019 is 11.23% compared to 11.46 percent recorded in January 2019.

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