The Consumer Price Index (CPI), which is the standard for measuring inflation, increased by 11.31 per cent (year-on-year) in February 2019.
This is 0.06 per cent points lower than the rate recorded in January 2019 (11.37) per cent.
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 per cent in February 2019, this is 0.01 per cent rate lower than the rate recorded in January 2019 (0.74) per cent.
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 per cent, showing 0.24 per cent point from 11.80 per cent recorded in January 2019.
The urban inflation rate increased by 11.59 per cent (year-on-year) in February 2019 from 11.66 per cent recorded in January 2019, while the rural inflation rate increased by 11.05 per cent in February 2019 from 11.11 per cent in January 2019.
On a month-on-month basis, the urban index rose by 0.76 per cent in February 2019, down by 0.01 from 0.77 per cent recorded in January 2019, while the rural index also rose by 0.71 per cent in February 2019, the same rate as was recorded in January 2019 (0.71) per cent.
The corresponding twelve-month year-on-year average percentage change for the urban index is 11.95 per cent in February 2019.
This is less than 12.20 per cent reported in January 2019, while the corresponding rural inflation rate in February 2019 is 11.23 per cent compared to 11.46 per cent recorded in January 2019.
For example, the average cost of refilling a five kilogramme (kg) cylinder of Liquefied Petroleum Gas (cooking gas) increased from N2,039.82 in January to N2,067.68 in February.
The bureau disclosed this on its “Liquefied Petroleum Gas (Cooking Gas) Price Watch’’ for February released on its website.
It said the price of refilling a five kg cylinder of cooking gas increased by 1.37 per cent month-on-month and decreased by -4.09 per cent year-on-year in the period under review.
According to the NBS, states with the highest average price for the refilling of a five kg cylinder of cooking gas are Bauchi (N2,500.00), Cross River (N2,450.00) and Adamawa/Borno (N2,400.00).
It said states with the lowest average price for refilling of a 5kg cylinder of cooking gas are Osun (N1,811.11), Kaduna (N1,725.00) and Enugu (N1,680.00).
Similarly, the bureau said the average price for refilling of a 12.5kg cylinder of cooking gas decreased to N4,244.91 in February from N4,277.86 recorded in January.
It said the price for the refilling of a 12.5kg cylinder for cooking gas decreased by -0.77 per cent month-on-month and -2.04 per cent year-on-year in the period under review.
It named states with the highest average price refilling a 12.5kg cylinder of cooking gas to be Akwa Ibom (N4,700.00), Abia (N4,688.89) and Cross River (N4,759.09).
“States with the lowest average price for refilling of a 12.5kg cylinder of Liquefied Petroleum Gas (Cooking Gas) are Oyo (N3,805.88), Ogun (N3,835.71) and Kano (N3,775.00).”
The NBS said field work was done solely by more than 700 of its staff in all states of the federation, supported by supervisors who were monitored by internal and external observers.
It said the various prices were collected across all the 774 local governments across all states and the Federal Capital Territory, from more than 10,000 respondents and locations.
The NBS said its audit team subsequently conducted randomly selected verification of prices recorded.