The Consumer Price Index (CPI), which measures inflation, further decreased to 11.31 per cent (year-on-year) in February compared to 11.37 per cent in January, according to the National Bureau of Statistics (NBS). Increases were recorded in all COICOP divisions that yielded the Headline index.
On a month-on-month basis, the Headline index increased by 0.73 percent in February 2019, this is 0.01 percent rate lower than the rate recorded in January 2019 (0.74) percent.
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.
The urban inflation rate increased by 11.59 percent (year-on-year) in February 2019 from 11.66 percent recorded in January 2019, while the rural inflation rate increased by 11.05 percent in February 2019 from 11.11 percent in January 2019.
On a month-on-month basis, the urban index rose by 0.76 percent in February 2019, down by 0.01 from 0.77 percent recorded in January 2019, while the rural index also rose by 0.71 percent in February 2019, same rate as was recorded in January 2019 (0.71) percent.
The corresponding twelve-month year-on-year average percentage change for the urban index is 11.95 percent in February 2019. This is less than 12.20 percent reported in January 2019, while the corresponding rural inflation rate in February 2019 is 11.23 percent compared to 11.46 percent recorded in January 2019.
Food Index:
The composite food index rose by 13.47 percent in February 2019 compared to 13.51 percent in January 2019.
This rise in the food index was caused by increases in prices of Fish, Bread and cereals, Potatoes, yam and other tubers, Meat, Vegetables, Oils and fats and Fruits
On a month-on-month basis, the food sub-index increased by 0.82 percent in February 2019, down by 0.01 percent points from 0.83 percent recorded in January 2019.
The average annual rate of change of the Food sub-index for the twelve-month period ending February 2019 over the previous twelve-month average was 13.62 percent, 0.31 percent points from the average annual rate of change recorded in January 2019 (13.93) percent.
All Items Less Farm Produce:
The ‘’All items less farm produce’’ or Core inflation, which excludes the prices of volatile agricultural produce stood at 9.8 percent in February 2019, down by 0.1 percent when compared with 9.9 percent recorded in January 2019.
On a month-on-month basis, the core sub-index increased by 0.65 percent in February 2019. This was down by 0.16 percent when compared with 0.81 percent recorded in January 2019.
The highest increases were recorded in prices of Tobacco, repair and hire of footwear, Major household appliances, Domestic services and household services, Dental services, Medical and hospital services, Cleaning, repair and hire of clothing.
The average 12-month annual rate of change of the index was 10.19 percent for the twelve-month period ending February 2019; this is 0.15 percent points lower than 10.34 percent recorded in January 2019.
State Profiles:
In analysing price movements under this section, note that the CPI is weighted by consumption expenditure patterns which differ across states. Accordingly, the weight assigned to a particular food or non-food item may differ from state to state making interstate comparisons of consumption basket inadvisable and potentially misleading.
All Items Inflation:
In February 2019, all items inflation on year on year basis was highest in 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.
On month on month basis however, February 2019 all items inflation was highest in Taraba (1.87%), Ogun (1.83%), and Imo (1.62%), while Jigawa recorded the slowest rise (0.13%), with Delta and Kogi recording negative inflation or price deflation (general decrease in the general price level of goods and services or a negative inflation rate) in February 2019.
Food Inflation:
In February 2019, food inflation on a year on year basis was highest in Nasarawa (16.78%), Taraba (16.76%) and Abuja (16.29%), while Kogi (11.68%), Delta (11.51%) and Abia (10.81%) recorded the slowest rise in food inflation.
On month on month basis however, February 2019 food inflation was highest in Taraba (2.95%), Ogun (2.73%) and Nasarawa (2.42%), while Benue, Delta, Kogi and Ondo all recorded food price deflation or negative inflation (general decrease in the general price level of goods and services or a negative inflation rate) in February 2019.
No comments:
Post a Comment