Statistics from the National Bureau of Statistics (NBS) has revealed that Nigeria’s inflation rate rose to 17.33 per cent in February 2021, from 16.47 per cent recorded in January, even as the food inflation up by 108 per cent since 2015.
The figure represents the highest inflation rate recorded in four years.
This is according to the latest inflation report published by the NBS.
Food inflation rose to 21.79 per cent in February 2021 compared to 20.57 per cent recorded in January 2021.
The “All items less farm produce” or Core inflation, which excludes the prices of volatile agricultural produce stood at 12.38 per cent in February 2021, up by 0.53 per cent when compared with 11.85 per cent recorded in January 2021.
The report stated that, “The composite food index rose by 21.79 percent in February 2021 compared to 20.57 percent in January 2021.
“This rise in the food index was caused by increases in prices of Bread and cereals, Potatoes, yam and other tubers, Meat, Food products n.e.c, Fruits, Vegetable, Fish and Oils and fats.
“On month-on-month basis, the food sub-index increased by 1.89 percent in February 2021, up by 0.06 percent points from 1.83 percent recorded in January 2021.
“The average annual rate of change of the Food sub-index for the twelve-month period ending February 2021 over the previous twelve-month average was 17.25 percent, 0.59 percent points from the average annual rate of change recorded in January 2021 (16.66) percent.”