Food prices push inflation to 17.33%

By Emmanuel Elebeke

The National Bureau of Statistics, NBS, says the consumer price index (CPI) which measures inflation increased by 17.33 per cent (year-on-year) in February 2021.

The rise is 0.86 per cent points higher than the rate recorded in January 2021 (16.47) per cent.

In its monthly report released on its website, the bureau said 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 a month-on-month basis, the headline index increased by 1.54 per cent in February 2021, this is 0.05 per cent rate higher than the rate recorded in January 2021 (1.49 per cent).

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 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 twelve-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 per cent recorded in January 2021.

ALSO READ: Petrol Price: DPR moves to clampdown on erring filling stations

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 according to NBs 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.

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 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 per cent, 0.59 per cent points from the average annual rate of change recorded in January 2021 (16.66).

The average 12-month annual rate of change of the index was 10.77 per cent for the twelve-month period ending February 2021; this is 0.25 per cent points higher than 10.52 per cent recorded in January 2021.

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.

The ”All items less farm produce” or Core inflation, which excludes the prices of volatile agricultural produce stood at 12.38 per cent in February 2021, up by 0.53 per cent when compared with 11.85 per cent recorded in January 2021.

In February 2021, all items inflation on year on year basis was highest in Kogi (24.73%), Bauchi (22.92%) and Ebonyi (20.45%), while Enugu (14.73%), Kwara (14.25%) and Cross River (12.97%) 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%), Ondo (2.46%) and Kebbi (2.43%), while Kwara (0.84%), Kano (0.70%) and Oyo (0.38%) recorded the slowest rise in headline month on month.

Vanguard News Nigeria

Disclaimer

Comments expressed here do not reflect the opinions of vanguard newspapers or any employee thereof.