• Friday, March 29, 2024
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Nigeria’s inflation rate drops to three month-low in February

Nigeria’s inflation rate drops to three month-low in February

The rate at which the prices of goods and services are rising, inflation have eased year-0n-year to 11.31 percent in February.

The February inflation rate marks the third consecutive month of disinflation (slowdown in the inflation rate though still positive) since December 2018.

Although, the rate still remains well above the country’s 6-9 percent preferred band.

The figures by the National Bureau of Statistics (NBS) on Friday revealed that the inflation rate for the review month is 0.06 percent points lower than the 11.37 percent recorded in January 2019.

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“Increases were recorded in all COICOP divisions that yielded the Headline index,” the state funded NBS said.

A further analysis of the inflation report revealed that 0n month-on-month basis, the headline index increased by 0.73 percent in February 2019, lower than the 0.74 percent recorded in January 2019 by 0.01 percent points

Also the percentage change in the average composite CPI for the twelve months period ending February 2019 over the average of the CPI for the previous twelve months period was 11.56 percent, showing 0.24 percent point from 11.80 percent recorded in January 2019.

States with the highest inflation rate for the review month were; Kebbi (13.78%), Taraba (13.57%) and Kaduna (13.54%), while Cross River (9.81%) Delta (9.60%) and Kwara (9.36%) recorded the slowest rise in headline Year on Year inflation.