The consumer price index, (CPI) which measures inflation rate, has risen to 12.20 per cent year-on-year in February, the National Bureau of Statistics (NBS) data released yesterday has shown.
In its inflation report for February 2020, the NBS explained that the figure was 0.07 per cent higher than the rate of 12.13 per cent recorded in January. The inflation spike was caused mainly by increases in food prices.
The NBS report showed that increases were recorded in all divisions that yielded the headline index. On month-on-month basis, the headline index increased by 0.79 per cent in February 2020. This is 0.08 per cent rate lower than the rate recorded in January 2020 (0.87) per cent.
The food index equally rose from 14.85 per cent recorded in January to 14.9 per cent in February 2020 while core inflation increased by 0.08 per cent to stand at 9.43 per cent compared to 9.35 per cent recorded in the preceding month.
This rise in the food index was caused by increases in prices of bread and cereals, fish, meat, vegetables, and oils and fats.
On month-on-month basis, the food sub-index increased by 0.87 per cent in February 2020, down by 0.12 per cent points from 0.99 per cent recorded in January 2020.
Also, the average annual rate of change of the food sub-index for the 12-month period ending February 2020 over the previous twelve-month average was 13.98 per cent, 0.12 per cent points from the average annual rate of change recorded in January 2020 (13.86) per cent.
The percentage change in the average composite inflation for the 12 months period ending February 2020 over the average of the inflation for the previous twelve months period was 11.54 per cent, showing 0.08 per cent point from 11.46 per cent recorded in January 2020.
The NBS said the urban inflation rate increased by 12.85 per cent (year-on-year) in February 2020 from 12.78 per cent recorded in January 2020, while the rural inflation rate increased by 11.61 per cent in February 2020 from 11.54 per cent in January 2020.
On a month-on-month basis, the urban index rose by 0.82 per cent in February 2020, up by 0.10 from 0.92 per cent recorded in January 2020, while the rural index also rose by 0.76 per cent in February 2020, down by 0.07 from the rate recorded in January 2020 (0.83) percent.
