Pressure on food prices spikes inflation to 17.3% — NBS

By Eyo Nsima

THE National Bureau of Statistics, NBS, has disclosed that the pressure on food prices has triggered a further rise in inflation to 17.3 percent in February this year.

This represents a 0.86 percentage point rise when compared to 16.47 percent recorded in the previous month.

Also, in its Consumer Price Index (CPI) report for February, the NBS stated: “The CPI which measures inflation increased by 17.33 percent (year-on-year, y/y) 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 a month-on-month, m/m, basis, the Headline index increased by 1.54 percent in February 2021, this is a 0.05 percent rate higher than the rate recorded in January 2021 (1.49 percent).

“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 m/m 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.”

Commenting on food, it stated: “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, fruits, vegetables, fish and oils, and fats. On m/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.”