Nigeria’s inflation rate hits 17.33, highest in 4 years

NIGERIA’S inflation rate rose to 17.33 per cent in February from 16.47 per cent recorded in January, representing the highest point since April 2017. According to the Consumer Price Index (CPI) /Inflation report released by the National Bureau of Statistics (NBS) on Tuesday, the food inflation stood at 21.79 per cent, the highest point since the 2009 data series began. 

The report revealed that on a month on month basis, food price inflation was highest in Kogi at 3.34 per cent, Ondo at 3.33 per cent and Ebonyi at 3.26 per cent, while Benue and Niger at 0.90 per cent, Kano at 0.70 per cent and Oyo at 0.09 per cent recorded the slowest rise in month on month food inflation. 

The report said the food inflation on a year on year basis was highest in Kogi at 30.47 per cent, Ebonyi at 25.73 per cent and Sokoto at 25.68 per cent, while Gombe at 19.32 per cent, Bauchi at 18.74 per cent and Akwa Ibom at 18.70 per cent recorded the slowest rise in year on year inflation. 

According to the report, 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 at 1.49 per cent. The percentage change in the average composite CPI for the 12 months ending February 2021 over the average of the CPI for the previous twelve months period was 14.05 per cent, showing 0.43 per cent point from 13.62 per cent recorded in January 2021,” the report said. 

It said the rise in the food index was caused by increase in prices of bread and cereals, potatoes, yam and other tubers, meat, food products, fruits, vegetables, fish and oils and fats. The NBS said the composite food index rose by 21.79 per cent in February compared to 20.57 in January. 

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

“The average annual rate of change of the food sub-index for the 12 months ending February 2021 over the previous twelve-month average was 17.25 per cent, 0.59 per cent points from the average annual rate change recorded in January at 16.66 per cent,” it said. 

The report said in February, all item inflation on a year on year basis was highest in Kogi at 24.73 per cent, Bauchi at 22.92 per cent and Ebonyi at 20.45 per cent, while Enugu at 14.73 per cent, Kwara at 14.25 per cent and Cross River at 12.97 per cent recorded the slowest rise in headlines year on year inflation. 

However, on a month on month basis, all items inflation was highest in Kogi at 3.25 per cent, Ondo at 2.46 per cent and Kebbi at 2.43 per cent, while Kwara at 0.84 per cent, Kano at 0.70 per cent and Oyo at 0.38 per cent recorded the slowest rise in headlines month on month. “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 January,” NBS said. 

“On a 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,” it said. 

According to the report, the highest increase was recorded in prices of passenger transport by air, medical services, miscellaneous service 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. 

It said the average 12-month annual rate of change of the index was 10.77 per cent for the 12 months ending February, this is 0.25 per cent points higher than 10.52 per cent recorded in January.

 

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