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Nigeria’s Inflation Rate Jumps To 12.2%

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The consumer price index (CPI) which measures inflation increased by 12.20% in February 2020.

Nigeria's Inflation Rate Jumps To 12.2%
Nigeria’s Inflation Rate Jumps To 12.2%

This 0.07% higher than the rate of 12.13% recorded in January 2020.

The food index rose from 14.85% recorded in January to 14.9% in February 2020 while core inflation increased by 0.08% to stand at 9.43% compared to 9.35% recorded in the preceding month.

The 12.2 percent index is also the highest recorded by the economy in the last 21 months.

The NBS said the urban inflation rate increased by 12.85 percent year-on-year in February from 12.78 percent recorded in January this year.

On the other hand, the NBS report said the rural inflation rate increased by 11.61 percent in February from 11.54 percent recorded in January.

On a month-on-month basis, the report said the urban index rose by 0.82 percent in February, up by 0.10 percentage points from the 0.92 percent recorded in January.

It also said the rural index rose by 0.76 percent in February, down by 0.07 from the 0.83 percent recorded in January.

Adelowo Adegboyega
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