Nigeria hit an inflation rate of 17.33% (year-on-year) in February 2021 according to the consumer price index, (CPI) which measures the index.
This is 0.86% points higher than the rate recorded in January 2021 (16.47%). Increases were recorded in all COICOP divisions that yielded the Headline index.
The urban inflation rate increased by 17.92% (year-on-year) in February 2021 from 17.03% recorded in January 2021, while the rural inflation rate increased by 16.77% in February 2021 from 15.92% in January 2021.
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On month-on-month basis, the Headline index increased by 1.54% in February 2021, this is a 0.05% rate higher than the rate recorded in January 2021 (1.49%).
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%, showing a 0.43% point from 13.62% recorded in January 2021.
On a month-on-month basis, the urban index rose by 1.58% in February 2021, up by 0.06 the rate
recorded in January 2021, while the rural index also rose by 1.50% in February 2021, up by 0.04 the
rate that was recorded in January 2021 (1.46%).
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The corresponding twelve-month year-on-year average percentage change for the urban index is 14.66% in February 2021. This is higher than 14.23% reported in January 2021, while the corresponding rural inflation rate in February 2021 is 13.48%compared to 13.04% recorded in January 2021.