Nigeria’s inflation rises to 17.33% in February – NBS

In February, the CPI rose by 17.33% year over year, according to the bureau.
National Bureau of Statistics

According to the National Bureau of Statistics, the inflation rate rose by 0.86 percent in February to 17.33 percent, up from 16.47 percent in January.

The NBS reported this in its February 2021 Consumer Price Index (CPI) report, which was released on Tuesday in Abuja.

In February, the CPI rose by 17.33% year over year, according to the bureau.

According to the Nigerian News Agency, the CPI calculates the average shift in prices of goods and services purchased by people on a daily basis.

According to the study, all divisions of the Classification of Individual Consumption by Purpose (COICOP) that yielded the headline index increased.

“On month-on-month basis, the headline index increased by 1.54 per cent in February, this is 0.05 per cent rate higher than the rate recorded in January (1.49 per cent),” said the report.

According to the NBS, the average composite CPI for the 12 months ending February was 14.05 percent higher than the average CPI for the previous 12 months duration.

This was down 0.43 percent from the 13.62 percent posted in January, according to the study.

According to the survey, the urban inflation rate rose by 17.92% year over year in February, up from 17.03% in January.

The rural inflation rate rose to 16.77 percent in February from 15.92 percent in January, according to the survey.

The urban index increased by 1.58 percent in February, up from 0.06 percent in January, while the rural index increased by 1.50 percent in February, up from 0.04 percent in January (1.46) percent.

“The corresponding 12-month year-on-year average percentage change for the urban index is 14.66 per cent in February.

“This is higher than 14.23 per cent reported in January, while the corresponding rural inflation rate in February is 13.48 per cent compared to 13.04 per cent recorded in January,”
the report stated.

The composite food index increased by 21.79 percent in February, compared to 20.57 percent in January, according to the study.

Increases in the prices of bread and cereals, potatoes, yam and other tubers, meat, food products, fruits, vegetables, fish, and oils and fats, according to the study, caused the increase in the food index.

It went on to state that the food sub-index rose by 1.89 percent month over month, up 0.06 percent points from 1.83 percent in January.

The bureau said that ”All items less farm produce” or Core inflation, which excludes the prices of volatile agricultural produce stood at 12.38 per cent in February, up by 0.53 per cent when compared with 11.85 per cent recorded in January.

“On month-on-month basis, the core sub-index increased by 1.21 per cent in February.

“This was down by 0.05 per cent when compared with 1.26 per cent recorded in January.

“The highest increases were recorded in prices of passenger transport by air, medical services, miscellaneous services relating to the dwelling, hospital services and passenger transport by road.

“Others are pharmaceutical products, paramedical services, repair of furniture, vehicle spare parts, maintenance and repair of personal transport equipment, motor cars, dental services and hairdressing salons and personal grooming establishment,”
NBS stated.

According to the NBS, all-items inflation was highest in Kogi (24.73 percent), Bauchi (22.92 percent), and Ebonyi (22.92 percent) in February (20.45 per cent).

Meanwhile, Enugu (14.73%), Kwara (14.25%), and Cross River (12.97%) had the slowest increases in headline inflation year over year.

However, on a month-to-month basis, February all-items inflation was highest in Kogi (3.25%), Ondo (2.46%), and Kebbi (2.46%). (2.43 per cent).

Kwara (0.84%), Kano (0.70%), and Oyo (0.38%), on the other hand, saw the slowest growth in headline month over month.

On a year-on-year basis, food inflation was highest in Kogi (30.47%), Ebonyi (25.73%), and Sokoto (25.73%). (25.68 per cent).

According to the survey, Gombe (19.32%), Bauchi (18.74%), and Akwa Ibom (18.7%) had the slowest year-on-year inflation rises.

Food inflation was highest in Kogi (3.34%), Ondo (3.33%), and Ebonyi (3.33%) on a month-to-month basis (3.26 per cent).

It went on to say that Benue and Niger had 0.90 percent month-on-month food inflation, while Kano had 0.7 percent and Oyo had 0.09 percent.