Categories: News

Nigeria inflation rises to 17.33% in February, highest in four years

A man looks at a share prices board in Tokyo on May 23, 2013. Tokyo share prices plunged more than seven percent on May 23 on record volumes as investors panicked in the rush to take profit on weak Chinese data after months of sharp climbs. AFP PHOTO / Yoshikazu TSUNO

Nigeria’s inflation rate rose to 17.33 per cent in February 2021, the Bation’s Statistics Bureau affirmed this on Tuesday.

NBS stated that this is the highest inflation rate recorded in four years.

In January, inflation rose to 16.47 per cent amid skyrocketed food prices.

The NBS said Tuesday that food inflation rose to 21.79 per cent in February, compared to 20.57 per cent recorded in January 2021. The NBS said it is the highest point since the data series began over a decade ago.

The inflation increased by 1.89 per cent from 1.83 percentage points, month-on-month.

The cost of food rose penultimate week when a good blockade was announced by food and cattle suppliers.

The blockade led to a sharp rise in the prices of beef, foodstuff and vegetables.

Analysts opined that the blockade would worsen Nigeria’s runaway food inflation.

The NBS said Tuesday that upward movement in food inflation was caused by increases in the prices of bread, cereals, fish, potatoes, yam and other tubers, vegetables, meat, oils and fats, fruits and food products.

However, core inflation, which excludes the prices of agricultural items, increased to 12.38 percent in February compared to 11.85 percent in January 2021.