Nigeria’s inflation rate slumps to 11.31 per cent in February —NBS
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
The bureau said the figure was 0 . 06 per cent points
lower than the 11 . 37 recorded in January in the period
under review .
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
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
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 .
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 .
Good to hear
Thanks for the news
Thanks for the info
Thanks for the update