Just In: Nigeria’s inflation rate jumps to 17.33%, highest in four years

Nigeria’s inflation rate, according to the National Bureau of Statistics (NBS’) latest report, rose to 17.33% in February 2021, from 16.47% recorded in the previous month.

Techeconomy.ng can report that these data represent the highest inflation rate recorded in four years as the food inflation rose to 21.79% in February 2021 compared to 20.57% recorded in January 2021.

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

On month-on-month basis, the core sub-index increased by 1.21 percent in February 2021. This was down
by 0.05 percent when compared with 1.26 percent 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 average 12-month annual rate of change of the index was 10.77 percent for the twelve-month period
ending February 2021; this is 0.25 percent points higher than 10.52 percent recorded in January 2021.

The NBS, in analysing price movements , noted that the CPI is weighted by consumption
expenditure patterns which differ across states.

The report added that the weight assigned to a particular food or non-food item may differ from state to state making interstate comparisons of consumption basket inadvisable and potentially misleading.

The national bureau said 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, 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.