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Nigeria’s Inflation Rate Soars To 17.33%

Analysts Expect Inflation Rate To Jump To 18.2% In May

The inflation rate in Nigeria has hit 17.33 percent (year-on-year) in the month of February, as disclosed by the Nigeria Bureau of Statistics (NBS).

The recent increase represents a 0.86 percent increase higher than what was recorded in the month of January, where the rate of inflation stood at 16.47 percent.

Observing the country’s inflation rate on a month-on-month basis, the NBS noted that the Headline index jumped by 1.54 percent in February, representing a 0.05 percent rate higher than was recorded in January.

Urban and Rural Inflation Rates

The Bureau noted that in urban areas inflation rate rose by 17.92 percent year-on-year in February, higher than January’s 17.03 percent.

Inflation rates in rural areas rose from 15.92 percent recorded in January 2021 to 16.77 percent recorded in February.

The urban index, on a month-on-month basis, increased by 1.58 percent in February, a 0.06 increase from what was recorded in January.

For the rural index, there was a 1.50 percent increase in February, up from the 1.46 percent recorded in January, representing a 0.04 increment.

Food Index

The composite food index saw an increase if 21.79 percent in February against the 20.57 percent recorded in January.

According to the report, the increase in the food price index was initiated by the high prices of foods like cereals and bread, yam and other tubers, potatoes, fruits, vegetables, fish, and fats and oils.

“On 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,” the NBS report stated.

“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 percent, 0.59 percent points from the average annual rate of change recorded in January 2021 (16.66) percent.”

Inflation on All Items By States

The Bureau noted that “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.”

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