Nigeria’s Inflation Hits 4-year High
The consumer price index which measures inflation increased by 17.33 per cent (year-on-year) in February 2021.
The National Bureau of Statistics on Tuesday revealed this in its report on Consumer Price Index for the month of February.
This marked the highest figure recorded in the country since 2017.
According to the NBS, the February rate is 0.86 per cent points higher than the rate recorded in January 2021 (16.47) per cent.
Increases were recorded in all COICOP divisions that yielded the headline index.
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 month-on-month basis, the headline index increased by 1.54 per cent in February 2021; this is 0.05 per cent higher than the rate recorded in January 2021 (1.49 per cent).
The percentage change in the average composite CPI for the 12 months’ period 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.
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 corresponding 12-month year-on-year average percentage change for the urban index is 14.66 per cent in February 2021.
This is higher than 14.23 per cent reported in January 2021, while the corresponding rural inflation rate in February 2021 is 13.48 per cent compared to 13.04 percent recorded in January 2021.
