Home / NEWS / ‘Inflation rate in Nigeria hits 11.31% in February’ – NBS

‘Inflation rate in Nigeria hits 11.31% 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 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 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.

About Dotun Roy

DotunRoy.com is a development driven news website with the overall goal of amplifying, promoting and advocating for positive societal change through Sustainable Development advocacy in line with UN SDGs components such as education, environmental sustainability and Climate Change, Human Rights, health, finance, housing, good governance as well as security in Nigeria and across the world.

14 comments


Strict Standards: Only variables should be assigned by reference in /home/dotunroy/public_html/wp-content/themes/jarida/comments.php on line 21
  1. Purchasing Predisone By Mail Alli Pills Recall buy cialis Cheapeast secure ordering isotretinoin where to order no prescription Effectiveness

  2. Brand Name Viagra viagra Viagra E Tumori Propecia Treatments Offshore Ibdian Pharmacy

  3. Very good site you have here but I was curious about if you knew
    of any discussion boards that cover the same topics talked about here?
    I’d really like to be a part of community where I can get feedback from
    other knowledgeable individuals that share the same interest.
    If you have any suggestions, please let me know. Thanks!

  4. What a data of un-ambiguity and preserveness of valuable experience regarding unexpected emotions.

  5. I like the helpful info you provide in your articles.
    I’ll bookmark your weblog and check again here regularly.
    I’m quite sure I will learn lots of new stuff right here!
    Best of luck for the next!

  6. What’s Taking place i am new to this, I stumbled upon this I have found It positively helpful and it has aided me out loads.

    I am hoping to contribute & assist other users like its aided me.

    Great job.

  7. Attractive section of content. I just stumbled upon your
    site and in accession capital to assert that I get actually enjoyed account your blog posts.
    Any way I will be subscribing to your feeds and even I achievement you access consistently fast.

  8. This is the right web site for anybody who hopes to find out about this topic.
    You know so much its almost tough to argue with you (not that I really will need to…HaHa).
    You definitely put a brand new spin on a subject that’s been discussed for
    ages. Wonderful stuff, just wonderful!

  9. Wonderful blog! I found it while browsing on Yahoo News.
    Do you have any suggestions on how to get listed in Yahoo News?
    I’ve been trying for a while but I never seem to get there!
    Cheers

  10. Good day! This is kind of off topic but I need some advice from an established blog.
    Is it hard to set up your own blog? I’m not very techincal but I can figure things out pretty quick.

    I’m thinking about creating my own but I’m not sure where to begin.
    Do you have any points or suggestions? Cheers

  11. Hi my loved one! I wish to say that this article
    is awesome, nice written and include approximately all significant infos.
    I’d like to peer more posts like this .

  12. Hi, after reading this awesome piece of writing i am
    also glad to share my knowledge here with colleagues.

  13. Great article! We are linking to this great content on our site.
    Keep up the good writing.

Leave a Reply

Your email address will not be published. Required fields are marked *

*