Headline Inflation climbs to 12.20% in February 2020

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Inflation figures for February 2020 released by the National Bureau of Statistics (NBS). Nigeria’s headline inflation accelerated to 12.20% YoY (0.79% MoM). The current reading is 9bps ahead of the January 2019 reading, with sustained pressure from the food inflation sub-index (+5bps to 14.90% YoY) being the main driver.

  • Food inflation rose by 5 bps to print 14.90% YoY (January 2020: 14.85% YoY)
  • Core inflation advanced by 8 bps to 9.43 % YoY (January 2020: 9.35% YoY)
  • Urban inflation rose by 7 bps to 12.85% YoY. Similarly, Rural inflation climbed by 6 bps 11.61% YoY

All Item Index

The consumer price index, (CPI) which measures inflation increased by 12.20 percent (year-on-year) in February 2020. This is 0.07 percent points higher than the rate recorded in January 2020 (12.13) percent.

Increases were recorded in all COICOP divisions that yielded the Headline index.

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On a month-on-month basis, the Headline index increased by 0.79 percent in February 2020. This is 0.08 percent rate lower than the rate recorded in January 2020 (0.87) percent.

The percentage change in the average composite CPI for the twelve months period ending February 2020 over the average of the CPI for the previous twelve months period was 11.54 percent, showing 0.08 percent point from 11.46 percent recorded in January 2020.

The urban inflation rate increased by 12.85 percent (year-on-year) in February 2020 from 12.78 percent recorded in January 2020, while the rural inflation rate increased by 11.61 percent in February 2020 from 11.54 percent in January 2020.

On a month-on-month basis, the urban index rose by 0.82 percent in February 2020, up by 0.10 from 0.92 percent recorded in January 2020, while the rural index also rose by 0.76 percent in February 2020, down by 0.07 from the rate recorded in January 2020 (0.83) percent.

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The corresponding twelve-month year-on-year average percentage change for the urban index is 12.03 percent in February 2020. This is higher than 11.92 percent reported in January 2020, while the corresponding rural inflation rate in February 2020 is 11.09 percent compared to 11.04 percent recorded in January 2020.

Food Index

The composite food index rose by 14.90 percent in February 2020 compared to 14.85 percent in January 2020.

This rise in the food index was caused by increases in prices of Bread and Cereals, Fish, Meat, Vegetables, and Oils and fats.

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On a month-on-month basis, the food sub-index increased by 0.87 percent in February 2020, down by 0.12 percent points from 0.99 percent recorded in January 2020.

The average annual rate of change of the Food sub-index for the twelve-month period ending February 2020 over the previous twelve-month average was 13.98 percent, 0.12  percent points from the average annual rate of change recorded in January 2020 (13.86) percent.

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All Items Less Farm Produce

The “All items less farm produce” or Core inflation, which excludes the prices of volatile agricultural produce stood at 9.43 percent in February 2020, up by 0.08 percent when compared with 9.35 percent recorded in January 2020.

On a month-on-month basis, the core sub-index increased by 0.73 percent in February 2020. This was down by 0.09 percent when compared with 0.82 percent recorded in January 2020.

The highest increases were recorded in prices of Pharmaceutical products, Non-durable household goods, Catering services, Passenger transport by air, Repair of furniture, Maintenance, and repair of personal transport equipment, Water supply, carpet, and other floor coverings, Major household appliances, Dental services, Hospital Services, and Vehicle spare parts.

The average 12-month annual rate of change of the index was 9.09 percent for the twelve-month period ending February 2020; this is 0.02 percent points lower than 9.11 percent recorded in January 2020. 

State Profiles

In analyzing 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 2020, all items inflation on year on year basis was highest in Bauchi  (14.47%), Niger (14.06%) and Plateau (13.98%), while Borno (10.46%), Abuja (9.68%) and Kwara (9.59%) recorded the slowest rise in headline Year on Year inflation.

On month on month basis, however, February 2020 all items inflation was highest in Kano (1.59%), Benue (1.55%) and Taraba (1.53%), while Ondo, Ogun, Nasarawa, Kebbi, Bauchi, Anambra all recorded price deflation or negative inflation (general decrease in the general price level or negative inflation rate).

Food Inflation

In February 2020, food inflation on a year on year basis was highest in Sokoto (17.12%), Plateau (16.99%) and Gombe (16.96%), while Nasarawa (13.50%), Bauchi /Katsina (13.04%) and Bayelsa (11.89%) recorded the slowest rise.

On month on month basis, however, February 2020 food inflation was highest in Benue (2.38%), Osun (2.36%) and Rivers (1.77%), while Abuja, Anambra, Bauchi, Bayelsa, Katsina, Kebbi, Nasarawa, Ogun and Ondo all recorded price deflation or negative inflation (general decrease in the general price level of food or a negative food inflation rate).

Kindly click the link for the full report from the NBS.

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Headline Inflation climbs to 12.20% in February 2020 - Brand SpurHeadline Inflation climbs to 12.20% in February 2020 - Brand Spur

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Headline Inflation climbs to 12.20% in February 2020 - Brand SpurHeadline Inflation climbs to 12.20% in February 2020 - Brand Spur

Latest News

Strongest first quarter ever: Preliminary results of Deutsche Post DHL Group above market expectations

  • All divisions significantly increased EBIT in first quarter 2021; Group EBIT tripled to around EUR 1.9 billion
  • Free cash flow development continued positive trajectory and improved by more than EUR 1.4 billion to around EUR 1.0 billion
  • CEO Frank Appel: "The start into the new financial year was more dynamic than ever"


SINGAPORE - Media OutReach - 12 April 2021 - Deutsche Post DHL Group has today released preliminary results for the first quarter of 2021 and has raised the outlook for the current financial year. Preliminary operating profit (EBIT) for the first three months improved to around EUR 1.9 billion (Q1 2020: EUR 592 million). The positive development of the group's businesses seen in the fourth quarter 2020 has continued well through the first quarter 2021. In the first three months of the year the B2C shipment volumes remained high in all networks while the recovery in the B2B business continued.

"The start to the new financial year was more dynamic than ever. It proves that we have successfully geared our business to the right growth drivers. One year into the pandemic we experienced in the first quarter 2021 a sustained momentum in e-commerce and a significant stabilization in global trade with increasing air- and sea-freight volumes. Consequently all divisions reported a significant jump in earnings above market expectations. Global trade continues to recover and vaccine distribution is in full swing which makes me very optimistic for the rest of 2021 and beyond," said Frank Appel, CEO of Deutsche Post DHL Group.

All divisions optimally positioned for continuing e-commerce boom and growth in global trade

Express: The division reached an EBIT of around EUR 955 million in the first quarter 2021 compared to EUR 393 million in Q1 2020.

Global Forwarding, Freight: EBIT in Global Forwarding, Freight stood at around EUR 215 million in Q1 2021, clearly above previous year's Q1 of EUR 73 million.

Supply Chain: EBIT at Supply Chain came in at around EUR 165 million in the first quarter 2021 compared to EUR 105 million in Q1 2020.

eCommerce Solutions: eCommerce Solutions recorded a first quarter 2021 EBIT of around EUR 115 million, clearly above last year's Q1 result of EUR 6 million.

Post & Parcel Germany: EBIT in Post & Parcel Germany in Q1 2021 was around EUR 555 million (Q1 2020: EUR 334 million).

Earnings momentum mirrored in positive cash flow development and improved outlook


The continued positive business development is underpinned by a strong cash flow development; free cash flow amounted to around EUR 1.0 billion in the first quarter 2021. In Q1 2020 this figure was still negative at EUR -409 million.

In light of the strong earnings momentum, guidance for 2021 is adjusted as follows:

Group EBIT for 2021 is now expected to be significantly above EUR 5.6 billion (previous forecast: more than EUR 5.6 billion). Equally, the result for the DHL divisions is now seen significantly above EUR 4.5 billion (previous forecast: more than EUR 4.5 billion). EBIT for the Post & Parcel Germany division is no longer expected at around EUR 1.6 billion but above EUR 1.6 billion. The expectation of a Group Functions EBIT of around EUR -0.4 billion remains unchanged. Full year 2021 Free Cash Flow is now expected to be significantly above EUR 2.3 billion (previous forecast: around EUR 2.3 billion).

The Group will introduce a revised detailed guidance with the comprehensive disclosure for Q1 2021 which will be published as planned on May 5, 2021.

Deutsche Post DHL Group

Deutsche Post DHL Group is the world's leading logistic company. The Group connects people and markets and is an enabler of global trade. It aspires to be the first choice for customers, employees and investors worldwide. To this end, Deutsche Post DHL Group is focusing on growth in its profitable core logistics businesses and accelerating the digital transformation in all business divisions. The Group contributes to the world through sustainable business practices, corporate citizenship and environmental activities. By the year 2050, Deutsche Post DHL Group aims to achieve zero emissions logistics.


Deutsche Post DHL Group is home to two strong brands: DHL offers a comprehensive range of parcel and international express service, freight transport, and supply chain management services, as well as e-commerce logistics solutions. Deutsche Post is Europe's leading postal and parcel service provider. Deutsche Post DHL Group employs approximately 570,000 people in over 220 countries and territories worldwide. The Group generated revenues of more than 66 billion Euros in 2020.


The logistics company for the world.

Headline Inflation climbs to 12.20% in February 2020 - Brand Spur
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