Nigeria’s Inflation Rate Hits 12.2%

The Consumer Price Index has now risen for the sixth consumer time according to the data from the bureau of statistics.

Minister of Finance and Budget planning, Mrs. Zainab Ahmed, says government is worried over the fate of oil revenue / Photo credit: premiumtimesng.com
Minister of Finance and Budget planning, Mrs. Zainab Ahmed, says government is worried over the fate of oil revenue / Photo credit: premiumtimesng.com

The National Bureau of Statistics latest data on Consumer Price Index show the country’s inflation rate rose to 12.2 % in the month of February, which is 0.07 per cent higher than the 12.13 per cent recorded in January.

The Consumer Price Index has now risen for the sixth consumer time according to the data from the bureau of statistics.

The 12.2 per cent released on Tuesday is the highest recorded inflation figure in 21 months.

The urban inflation rate increases by 12.85 per cent in February 2020 from 12.78 per cent recorded January 2020, while the rural inflation rate increased to 11.61% in February 2020 from 11.54 per cent in January 2020.

Food inflation increased to 14.90per cent in February while core inflation increased to 9.43 per cent. The data, on a year-on-year basis showed that Bauchi and Niger recorded the highest rates of 14.47% and 14.06% respectively.

Kwara and Abuja had the slowest headline inflation of 9.59% and 9.68 per cent respectively.

Governor Babajide Sanwo-Olu of Lagos State

Coronavirus: Lagos Govt Advises Passengers On BA Flight 75 To Self-Isolate

Senator Elisha Abbo, who was caught on camera assaulting a sales girl in an Abuja sex toy shop / Photo credit: pulse.ng

‘Senator Elisha Abbo Can’t Be Our Patron,’ Actors Guild of Nigeria Members Insist