The National Bureau of Statistics (NBS) says that Nigeria’s inflation rate increased by 17.33 percent (year-on-year) in February 2021.
The monthly report of consumer price index (CPI) released on Tuesday in Abuja by the NBS showed that the inflation rate increase by 0.86 percent over the rate of 16.47 percent recorded in January 2021.
The report noted that increases were recorded in all COICOP divisions that yielded the Headline index.
It explained that the urban inflation rate increased by 17.92 percent (year-on-year) in February 2021 from 17.03 percent recorded in January 2021, while the rural inflation rate increased by 16.77 percent in February 2021 from 15.92 percent in January 2021.
“On month-on-month basis, the Headline index increased by 1.54 percent in February 2021, this is 0.05 percent rate higher than the rate recorded in January 2021 (1.49 percent.
“The percentage change in the average composite CPI for the twelve months period ending February 2021 over the average of the CPI for the previous twelve months period was 14.05 percent, showing 0.43 percent point from 13.62 percent recorded in January 2021,” the NBS said.
It noted that on a month-on-month basis, the urban index rose by 1.58 percent in February 2021, up by 0.06 the rate recorded in January 2021, while the rural index also rose by 1.50 percent in February 2021, up by 0.04 the rate that was recorded in January 2021 (1.46) percent.
According to the report, the corresponding twelve-month year-on-year average percentage change for the urban index is 14.66 percent in February 2021.
“This is higher than 14.23 percent reported in January 2021, while the corresponding rural inflation rate in February 2021 is 13.48 percent compared to 13.04 percent recorded 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 products n.e.c, Fruits, Vegetable, Fish and Oils and fats.
“The composite food index rose by 21.79 percent in February 2021 compared to 20.57 percent in January. 2021. On month-on-month basis, the food sub-index increased by 1.89 percent in February 2021, up by 0.06 percent points from 1.83 percent recorded in January 2021.
“The average annual rate of change of the Food sub-index for the twelve-month period ending February 2021 over the previous twelve-month average was 17.25 percent, 0.59 percent points from the average annual rate of change recorded in January 2021 (16.66) percent,” the report added.
GIK/APA