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Four states record slow growth in food prices as inflation hits 11.31%

Four states record slow growth in food prices as inflation hits 11.31%
March 15
18:13 2019
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Benue, Delta, Kogi and Ondo states have recorded a slow growth in food prices just as consumer price index (CPI) slowed to 11.31% in February.  

This is according to the February CPI and inflation report the National Bureau of Statistics (NBS) released on Friday.

The report said year on year, CPI which measures inflation, was lower by 0.06 percent points than the 11.37% rate recorded in January.

Urban inflation rate also increased by 11.59 percent (year-on-year) in February from 11.66 percent recorded in January, while the rural inflation rate increased by 11.05 percent in February from 11.11 percent in January 2019.

“The consumer price index, (CPI) which measures inflation increased by 11.31 percent (year-on-year) in February 2019. This is 0.06 percent points lower than the rate recorded in January 2019 (11.37) percent,” the report read.

“On 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.

“On month on month basis…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.”

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