DP
By toyboy07 • 11 days ago • 35 views • 8 comments

The National Bureau of Statistics says the Consumer

Price Index 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.

It, however , measured the CPI at 11 . 56 per cent in the

period under review , indicating a 0 . 24 per cent decline

from 11 . 80 per cent recorded in January.

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 .

It said the rural inflation rate also decreased to 11 . 05

per cent in February from 11 . 11 per cent recorded in

January.

According to the NBS , the CPI measures the average

change over time in prices of goods and services

consumed by people for a day - to - day living .

It said

the

construction of the CPI combines economic theory ,

sampling and other statistical techniques , using data

from other surveys to produce a weighted measure of

average price changes in the Nigerian economy .

It added that the production of the CPI requires skills of

economists , statisticians, computer scientists , data

collectors and others .

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