Inflation increases by 17.33 per cent  in February 2021

The consumer price index, (CPI) measures inflation increased by 17.33 per cent between March 2020 and February 2021, according to the National Bureau of Statistics (NBS).

The figure is also 0.86 per cent points higher than the rate recorded in January 2021 at 16.47 per cent.

The urban inflation rate increased by 17.92 per cent (year-on-year) in February 2021 from 17.03 per cent recorded in January 2021, while the rural inflation rate increased by 16.77 per cent in February 2021 from 15.92 per cent in January 2021.

On a month-on-month basis, the urban index rose by 1.58 per cent in February 2021, up by 0.06 the rate recorded in January 2021, while the rural index also rose by 1.50 per cent in February 2021, up by 0.04 the rate that was recorded in January 2021 (1.46) per cent.

The composite food index rose by 21.79 per cent in February 2021 compared to 20.57 per cent in January 2021.

This rise in the food index was caused by increases in prices of bread and cereals, potatoes, yam and other tubers, meat, food product, fruits, vegetable, fish and oils and fats.

On a month-on-month basis, the food sub-index increased by 1.89 per cent in February 2021, up by 0.06 per cent points from 1.83 per cent recorded in January 2021.

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On a month-on-month basis, the core sub-index increased by 1.21 per cent in February 2021.

This was down by 0.05 per cent when compared with 1.26 per cent recorded in January 2021.

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

In February 2021, all items inflation on year on year basis was highest in Kogi (24.73 per cent), Bauchi (22.92 per cent) and Ebonyi (20.45 per cent), while Enugu (14.73 per cent), Kwara (14.25 per cent) and Cross River (12.97 per cent) recorded the slowest rise in headline year on year inflation.

On month on month basis, however, in February 2021 all items, inflation was highest in Kogi (3.25 per cent), Ondo (2.46 per cent) and Kebbi (2.43 per cent), while Kwara (0.84 per cent), Kano (0.70 per cent) and Oyo (0.38 per cent) recorded the slowest rise in headline month on month.

In February 2021, food inflation on a year on year basis was highest in Kogi (30.47%), Ebonyi (25.73%) and Sokoto (25.68 per cent), while Gombe (19.32 per cent), Bauchi (18.74 per cent) and Akwa Ibom (18.70 per cent) recorded the slowest rise in year on year inflation.

On month on month basis, however, February 2021 food inflation was highest in Kogi (3.34 per cent), Ondo (3.33 per cent) and Ebonyi (3.26 per cent), while Benue and Niger (0.90 per cent), Kano (0.70per cent) and Oyo (0.09 per cent) recorded the slowest rise in the month on month food inflation.

NIGERIAN TRIBUNE

 

 

Inflation increases by 17.33 per cent