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Nigeria inflation hits 17.33% highest in four years

The National Bureau of Statistics (NBS) on Tuesday March 16, released a report which revealed that the country’s inflation rate rose from 16.46 per cent in January 2021 to 17.33 per cent in February 2021.

The latest inflation rate is said to be the highest recorded in four years. The NBS which also disclosed that food inflation rose to 21.79 per cent in February compared to 20.57 per cent recorded in January 2021, added that it is the highest point since the data series began over a decade ago.

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

The urban inflation rate on the other hand 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 a month-on-month 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.

The agency said the rise in the food index was caused by an increase in prices of Bread and cereals, Potatoes, yam and other tubers , Meat, Food production, Fruits,Vegetable, Fish and Oils and fats.

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 percent, showing 0.43 percent point from 13.62 percent recorded in January 2021.

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