Nigeria’s February inflation hit the double digits mark of 11.4 percent from the 9.6 percent single digit in January.
For more than a year, inflation in the country had remained in the single digit bracket until last month.
The National Bureau of Statistics, NBS, said yesterday that the Consumer Price Index, CPI, which measures inflation recorded a significant uptick. “The headline index increased by 11.4% (year-on-year) in February, roughly 1.76% points higher from rates recorded in January (9.6%).”
The NBS stated that the faster pace of increases which led to the overall increase in the headline index were recorded across almost all major divisions which contribute to the Headline index with the exception of the Restaurants and Hotels division which increased, albeit at a slower pace.
It said “After increasing at the same pace for two months, the pace of increases of food prices as recorded by the Food sub-index increased at faster pace in February. The Food index increased by 11.3%, up by 0.71% points from rates recorded in January.
“During the month, all major food groups which contribute to the Food sub-index increased at a faster pace during the month with the exception of the Potatoes, Yams and Other Tubers; and Sugar, jam, honey, chocolate and confectionery groups.
“The “All Items less Farm Produce” or Core sub-index, increased at a faster pace in February as imported items as well as other domestic shocks resulted in ripple effects across many divisions that contribute to the Core.
“The index increased by 11.0% in February, roughly 2.2% points from rates recorded in January.
“On a month-on-month basis, the Headline Index increased at a faster pace in February relative to January.
“The index increased by 2.3%, in February, roughly 1.4% points from rates recorded in January, as all divisions that contribute to the index increased with the exception of the It should be noted that the Headline Index is made up of the Core Index and Farm Produce items. As Processed Foods are included in both the Core and Food sub-indices, this implies that these sub-indices are not mutually-exclusive.”
However, the NBS pointed out the Urban index rose by 12.3% (year-on-year) from 9.7% recorded the month earlier, and the Rural index increased by 10.7% in February from 9.5% in January.
“On a month-on-month basis, both the Urban and Rural indices increased at a faster pace, as the Urban index increased by 3.0% in February from 0.9% in January, while the Rural index index increased by 1.8% from 0.9% in January.
“The percentage change in the average composite CPI for the twelve month period ending in February 2016 over the average of the CPI for the previous twelve-month period was 9.4%, higher from 9.1% recorded in January.
“The corresponding twelvemonth year-on-year average percentage change for the Urban index increased from 9.2% in January to 9.5% in February, while the corresponding Rural index also increased from 9.0% in January to 9.2% in February.
“Imported food items as well as other necessary inputs to producing key local staples such as bread continue to drive the food index higher. The Food index increased by 11.3% (Year-on-year) 0.7% points higher from rates recorded in January.
“The highest price increases were recorded in the Fish, Vegetables and Bread and Cereals groups for the second consecutive month. On a month-on-month basis, the Food sub-index increased by 1.4% in February, 0.45% points higher from rates recorded in January.
“All groups which contribute to the Food Sub-index increased at a faster pace, with the exceptions of the Potatoes, Yams and Other Tubers; Sugar, jam, honey, chocolate and confectionery; and Milk, Eggs and Cheese groups. The average annual rate of change of the Food sub-index for the twelve-month period ending in February 2016 over the previous twelve month average was 10.2%, 0.2%points from the average annual rate of change recorded in January (10.0%).”


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