Headline Inflation Increases by 17.33% YoY In February 2021, 0.86% Higher Than January 2021 Rate

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Tuesday, March 16, 2021 08:30 AM / by NBS/ Header Image Credit: NBS


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All Item Index

The consumer price index, (CPI) which measures inflation increased by 17.33 percent (year-on-year) in February 2021. This is 0.86 percent points higher than the rate recorded in January 2021 (16.47) percent.

 

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 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.

 

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Food Index

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 n.e.c, Fruits, Vegetable, Fish and Oils and fats.

 

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 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. 

 

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All Items Less Farm Produce

The "All items less farm produce" or Core inflation, which excludes the prices of volatile agricultural produce stood at 12.38 percent in February 2021, up by 0.53 percent when compared with 11.85 percent 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.

 

State Profiles

In analysing price movements under this section, note that the CPI is weighted by consumption expenditure patterns which differ across states. Accordingly, 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.  

 

All Items Inflation

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.

 

Food Inflation

In February 2021, food inflation on a year on year basis was highest in Kogi (30.47%), Ebonyi (25.73%) and Sokoto (25.68%), while Gombe (19.32%), Bauchi (18.74%) and Akwa Ibom (18.70%) recorded the slowest rise .in year on year inflation.


On month on month basis however, February 2021 food inflation was highest in Kogi (3.34%), Ondo (3.33%) and Ebonyi (3.26%), while Benue and Niger (0.90%), Kano (0.70%) and Oyo (0.09%) recorded the slowest rise in month on month food inflation.

 

Click Here to February 2021 CPI PDF Report


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Q1 2021

1.      Nigeria's Unemployment Rate Increases to 33.3% in Q4 2020 from 27.1% in Q2 2020 - NBS

2.     Total Trade Higher By 8.9% in Q4 2020, Lower By 10.3% in FY 2020

3.     Average Price of 1kg of Tomato Decreased by -6.59% MoM in January 2021

4.     Average Prices of PMS, AGO, HHK and Cooking Gas - January 2021

5.     Nigeria Exits Recession, Real GDP Grew by 0.11% in Q4 and -1.92% in Full Year 2020

6.     Headline Inflation Increases by 16.47% YoY In January 2021, 0.71% Higher Than December 2020 Rate

7.     FAAC Disburses N2.49trn to FG and N2.30trn to States in Year 2020 - NBS

8.     FAAC Disburses N601.11bn in December 2020 - NBS

9.     FAAC Disburses N604.00bn in November 2020 - NBS

10.  Total Value of Capital Importation into Nigeria Stood at US$1,069.68m in Q4 2020 - NBS

11.   N295.72bn Generated as Company Income Tax in Q4 2020 - NBS

12.  N454.69bn Generated as Value Added Tax in Q4 2020 - NBS

13.  Average Price of 1kg of Tomato Increases by 17.51% YoY in December 2020 - NBS

14.  Average Air Fare Increases by 18.54% YoY in December 2020 - NBS

15.  Average Prices of PMS, AGO, HHK and Cooking Gas - December 2020

16.  Headline Inflation Increases by 15.75% YoY In December 2020, 0.86% Higher Than November 2020 Rate

17.  62.18% of Nigeria's Total Public Debt as of Q3 2020 Was Domestic - NBS

18.  Active Voice Subscribers Grew by 4.59% in Q3 2020 - NBS



 Proshare Nigeria Pvt. Ltd.


Proshare Nigeria Pvt. Ltd.


Proshare Nigeria Pvt. Ltd.


Proshare Nigeria Pvt. Ltd.

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