- Consumers confirm rising prices of drugs
Nigeria’s inflation rate rose to 12.20 per cent in February, up by 0.07 per cent from the 12.13 per cent recorded in January largely due to hike in prices of pharmaceutical products, air fares and foodstuff.
The Consumer Price Index (CPI) which measures inflation released yesterday by the National Bureau of Statistics (NBS) showed that increases were recorded in all divisions that yielded the headline inflation.
For instance, under core inflation, the highest increases were recorded in prices of pharmaceutical products, non-durable household goods, catering services, passenger transport by air, repair of furniture, maintenance and repair of personal transport equipment, water supply, carpet and other floor coverings, major household appliances, dental services, hospital services and vehicle spare parts.
Under food inflation, this rise in the food index was caused by increases in prices of bread and cereals, fish, meat, vegetables and oils and fats.
Analysis of the report showed that on month-on-month basis, the headline index increased by 0.79 per cent in February, 2020. This is 0.08 per cent rate lower than the rate recorded in January, 2020 (0.87 per cent).
The percentage change in the average composite CPI for the 12 months period ending February, 2020, over the average of the CPI for the previous 12 months was 11.54 per cent, showing 0.08 per cent point from 11.46 per cent recorded in January, 2020.
Meanwhile, the composite food index rose by 14.90 per cent in February, 2020, compared to 14.85 per cent in January, 2020.
On month-on-month basis, the food sub-index increased by 0.87 per cent in February, 2020, down by 0.12 per cent points from 0.99 per cent recorded in January, 2020.
The average annual rate of change of the food sub-index for the 12-month period ending February, 2020, over the previous 12-month average was 13.98 per cent, 0.12 per cent points from the average annual rate of change recorded in January, 2020 (13.86 per cent).
Commenting on the rising price level, consumer laments increase in prices of drugs, consumers who spoke to Daily Trust, said there had been increases in prices of drugs.
An Abuja-based consumer, Moses Sule, said visited a pharmacy to purchase drugs recently and noticed slight upward change in price.
Sule said the drug vendor blamed the increase on the coronavirus and shortage in supply from wholesalers. He said though the price change was not much, the vendor said there situation may worsen in the coming days if they do not get sufficient supplies from Lagos wholesalers.
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