Food blockade raises Inflation Rate to 17.33%

March 17, 2021
3 Views

LAGOSNigeria’s inflation rate rose to 17.33 percent in February 2021 to record the highest inflation rate in four years, the Nation­al Bureau of Statistics (NBS) said Tuesday.

In January, inflation rose to 16.47 percent amid skyrocket­ing food prices.

The NBS said Tuesday that food inflation rose to 21.79 percent in February, compared to 20.57 percent recorded in Jan­uary 2021. ­

The NBS said it is the highest point since the data series began over a decade ago and this is associated with the food blockade expe­rience at the end of February.

The cost of food rose pen­ultimate week when a food blockade from the North to the South was announced by food and cattle suppliers.

The blockade led to a sharp rise in the prices of beef, foodstuff, and vegeta­bles.

Analysts opined that the blockade would worsen Nige­ria’s runaway food inflation.

The NBS said Tuesday that upward movement in food inflation was caused by increases in the prices of bread, cereals, fish, potatoes, yam, and other tubers, veg­etables, meat, oils and fats, fruits and food products.

On a 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 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 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.

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.

The composite food index rose by 21.79 percent in Feb­ruary 2021 compared to 20.57 percent 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, fruits, vegetable, fish and oils and fats.

On a 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.

You may be interested

News

Presidential poll: Rivers is as important as Lagos, Kano, says Wike

Webby - April 16, 2021

By Mike Odiegwu, Port Harcourt Rivers State Governor Nyesom Wike has said anybody jostling to be president of Nigeria will…

Rivers votes crucial to ambition of potential presidential candidates —Wike
News
News

Rivers votes crucial to ambition of potential presidential candidates —Wike

Webby - April 16, 2021

The Rivers State Governor, Nyesom Wike has stated that the votes of residents in Rivers, Kano and Lagos is crucial…

“I expect new Police Chief to do very well” – President Buhari
News
News

“I expect new Police Chief to do very well” – President Buhari

Webby - April 16, 2021

<!-- “I expect new Police Chief to do very well” - President Buhari – Voice of Nigeria Home“I expect new…

Leave a Comment

Your email address will not be published.