Nigeria: Inflation Rises to 17.33% in February, Highest in Four Years

Food inflation develop into once at the top level in no longer no longer as a lot as a decade.

Nigeria’s inflation payment rose to 17.33 per cent in February 2021, the nation’s statistics bureau acknowledged Tuesday.

Right here is the top inflation payment recorded in four years.

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

The NBS acknowledged Tuesday that food inflation rose to 21.79 per cent in February, when compared to 20.57 per cent recorded in January 2021. The NBS acknowledged it’s the top point for the explanation that data series began over a decade ago.

The headline inflation increased by 1.89 per cent from 1.83 proportion facets, month-on-month.

The price of food rose penultimate week when a appropriate blockade develop into once launched by food and cattle suppliers.

The blockade ended in a appealing rise in the prices of crimson meat, foodstuff and greens.

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

The NBS acknowledged Tuesday that upward motion in food inflation develop into once triggered by increases in the prices of bread, cereals, fish, potatoes, yam and other tubers, greens, meat, oils and fat, fruits and food products.

Then again, core inflation, which excludes the prices of agricultural objects, increased to 12.38 percent in February when compared to 11.85 percent in January 2021.

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