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Nigeria’s Inflation Rate Drops To 11.31%

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The National Bureau of Statistics (NBS) has said that the Consumer Price Index (CPI) which measured inflation decreased to 11.31 per cent (year-on-year) in February from 11.37 per cent recorded in January.

NBS made this known yesterday in its “CPI and Inflation Report’’ for February released in Abuja on its website.

It said that the figure was 0.06 per cent points lower than the 11.37 recorded in January during the period under review.

NBS said that the increases were recorded in all Classification of Individual Consumption by Purpose (COICOP) divisions that yielded the headline index.

On a month-on-month basis, NBS said that the headline index decreased to 0.73 per cent during the period under review by 0.01 per cent points from 0.74 per cent recorded in January.

The bureau, however, measured the CPI at 11.56 per cent in the period under review, indicating a 0.24 per cent decline from 11.80 per cent recorded in January.

NBS said that the urban inflation rate decreased to 11.59 per cent (year-on-year) from 11.66 per cent recorded in January of the same year as well as the rural inflation rate which also decreased to 11.05 per cent in February from 11.11 per cent recorded in January.

According to the NBS, the CPI measures the average change over time in prices of goods and services consumed by people for day-to-day living.

It said that the construction of the CPI combines economic theory, sampling, and other statistical techniques, using data from other surveys to produce a weighted measure of average price changes in the Nigerian economy.

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