Nigeria’s inflation rate has increased to 17.33% in February from 16.47% recorded in January. This is the highest point since April 2017.
According to the latest release by the National Bureau of Statistics (NBS) on Tuesday, the food inflation rose to 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).
“Increases were recorded in all COICOP divisions that yielded the Headline index. The urban inflation rate 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,” the NBS reported.