Loveth Okoli
Inflation rate increased in February by 0.86 per cent to 17.33 per cent from 16.47 per cent recorded in January, report of the National Bureau of Statistics (NBS) recorded.
The inflation rate was derived from Consumer Price Index (CPI) for February 2021 released on Tuesday in Abuja by NBS.
The bureau added that CPI increased by 17.33 per cent (year-on-year) in February.
CPI measures the average change over time in prices of goods and services consumed by people for day-to-day living.
The report said increases were recorded in all Classification of Individual Consumption by Purpose (COICOP) divisions that yielded the headline index.
“On month-on-month basis, the headline index increased by 1.54 per cent in February, this is 0.05 per cent rate higher than the rate recorded in January (1.49 per cent),” said the report.
The NBS said the percentage change in the average composite CPI for the 12 months period ending February over the average of the CPI for the previous 12 months period was 14.05 per cent.
This, it said, showed 0.43 per cent point from 13.62 per cent recorded in January.
According to the report, the urban inflation rate increased by 17.92 per cent (year-on-year) in February from 17.03 per cent recorded in January.
It added that the rural inflation rate increased by 16.77 per cent in February from 15.92 per cent in January.
It said on a month-on-month basis, the urban index rose by 1.58 per cent, up by 0.06 rate recorded in, while the rural index also rose by 1.50 per cent in February, up by 0.04 per cent that was recorded in January (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.
“This is higher than 14.23 per cent reported in January, while the corresponding rural inflation rate in February is 13.48 per cent compared to 13.04 per cent recorded in January,” the report stated.
It added that the composite food index rose by 21.79 per cent in February compared to 20.57 per cent in January.
It said the rise in the food index was caused by increases in prices of bread and cereals, potatoes, yam and other tubers, meat, food products, fruits, vegetables, fish and oils and fats.
It added that on month-on-month basis, the food sub-index increased by 1.89 per cent in, up by 0.06 per cent points from 1.83 per cent recorded in January.
The bureau said that ”All items less farm produce” or Core inflation, which excludes the prices of volatile agricultural produce stood at 12.38 per cent in February, up by 0.53 per cent when compared with 11.85 per cent recorded in January.
“On month-on-month basis, the core sub-index increased by 1.21 per cent in February.
“This was down by 0.05 per cent when compared with 1.26 per cent recorded in January.
“The highest increases were recorded in prices of passenger transport by air, medical services, miscellaneous services relating to the dwelling, hospital services and passenger transport by road.
“Others are 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,” NBS stated.
