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Nigeria’s Inflation Hits 17.33 Per Cent In February

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Nigeria's Inflation Hits 17.33 Per Cent In February

The National Bureau of Statistics (NBS) on Tuesday said the inflation rate rose from 16.46 per cent in January 2021 to 17.33 per cent in February 2021.

In its Consumer Price Index February 2021 report, the Bureau said: “The consumer price index, (CPI) which measures inflation increased by 17.33 percent (year-on-year) in February 2021”.

It added this is 0.86 percent points higher than the rate recorded in January 2021 (16.47) percent.

The report also said increases were recorded in all COICOP divisions that yielded the Headline index.

The urban inflation rate, according to the report, 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.

NBS said 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).

It also noted 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.

According to NBS, 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.

NBS said: “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”.

On all item index, the report said, this rise in the food index was caused by increases in prices of Bread and cereals, Potatoes, yam and other tubers , Meat, Food production, Fruits,Vegetable, Fish and Oils and fats.

NBS said 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 foodsub-index increased by1.89 percent in February 2021,up by 0.06 percent points from1.83 percent recorded in January 2021.
It said the average annual rate of change of the Food sub-index for the twelve-month period ending February 2021over the previous twelve-month averagewas17.25 percent, 0.59 percent points from the average annual rate of change recorded in January 2021(16.66) percent.

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