Nigeria’s inflation rate has hit 17.73% in February from 16.47% in January. This is the highest point since 2017.
The new inflation rate was released on Tuesday by the Nigeria Bureau of Statistics(NBS)
According to the CPI/Inflation report released by NBS , the food inflation stood at 21.79 percent, the highest point since the 2009 data series began.
“The consumer price index, (CPI) which measures inflation increased by 17.33 percent (year-on-year) in February 2021. This is 0.86 percent points higher than the rate recorded in January 2021 (16.47) percent.
The headline inflation for month-on-month also increased to 1.89 percent from 1.83 percentage points.
It explained that the 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.
