The prices of most goods and services change on monthly and yearly basis. To check how the price affects an average consumer budget an index known as Consumer Price Index (CPI) is used.

The CPI measures the average change over time in prices of goods and services consumed by people for day-to-day activities that is it measures the inflation rate.

Prices of items from both rural and urban centres from the 36 states of the country and the federal capital territory are measured by the National Bureau of Statistics (NBS) to produce a composite consumer price index for the economy.

In this article we look at how prices of certain components of the CPI (items that yields the inflation) stand in February 2020 which serves as the most important to consumers on a monthly basis.

All Items Index/Headline Inflation

The inflation rate of all items that comprises of the consumer price index on a year-on-year (YoY) basis increase by 12.20% in February 2020, rises by 0.07% from the month of January 2020, the highest recorded so far since April 2018 (12.48%). On month-on-month basis, the inflation rate increased by 0.79%, lower than the previous month of 0.87%.

Full reports and charts at https://realnaira.com.ng/2020/03/inflation-how-prices-of-goods-and-services-stand-for-the-month-of-february-2020/