Inflation At all Time High as Consumers Groan

The Consumer Price Index, CPI, which measures inflation, increased by 17.33 percent (year-on-year) in February 2021, the highest in four years in Nigeria, according to the National Bureau of Statistics, NBS.

The rate is 0.86 percent points higher than the rate recorded in January 2021 (16.47 percent).NBS said increases were recorded in all COICOP divisions that yielded the Headline index.

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).

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 12-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.