Business

BREAKING: Inflation Hits 12.20 Percent In February 2020

Published

5 years ago

March 17, 2020

Track News

TRACKING____Nigeria’s headline inflation has recorded yet another rise to 12.20 percent in February, from the 12.13 percent recorded in January the same year.

A report published by the National Bureau of Statistics on Tuesday revealed that food inflation increased marginally Year on Year to 14.90% in January 2020, compared to the figures obtained (14.85%) in January 2019.

Core Inflation also rose to 9.43% in January 2020 compared to the 9.35% figures in January 2020.

Earlier in January data from the NBS showed that food prices forced Nigeria’s inflation for the month to hit 12.13 percent, recording five months of consecutive increase.

The increase is 0.15 percent points higher than the rate recorded in December 2019 (11.98 percent).

The report from NBS stated that the composite food index rose by 14.85 percent in January 2020 compared to 14.67 percent in December 2019, and

It revealed that the rise in the food index was caused by increases in prices of Bread and Cereals, Meat, Oils and fats, Potatoes, yam and other tubers and Fish.

“In January 2020, food inflation on a year on year basis was highest in Sokoto (19.08%), Ogun (18.72%) and Nasarawa (17.07%), while Bayelsa (12.91%), Delta (11.57%) and Benue (11.33%) recorded the slowest rise.”