A recent inflation report published by the National Bureau of Statistics has revealed that Nigeria’s inflation rate rose to 17.33% in February 2021, from 16.47% recorded in the previous month.
This record therefore indicates Nigeria’s highest inflation rate in four years.
According to reports, the last time Nigeria recorded an inflation rate this high was in February 2017, when it declined to 17.78% from 18.72%.
On a month-on-month basis, the Headline index increased by 1.54% in February 2021, this is 0.05% point higher than the rate recorded in January 2021 (1.49%).
On food inflation, the closely watched index rose to 21.79% in February 2021 compared to 20.57% recorded in January 2021.
On a month-on-month basis, the food sub-index increased by 1.89% in February 2021, up by 0.06% points from 1.83 percent recorded in January 2021.
The 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, vegetables, fish and oils, and fats.
The ”All items less farm produce” or Core inflation, which excludes the prices of volatile agricultural produce stood at 12.38% in February 2021, up by 0.53% when compared with 11.85% recorded in January 2021.
On a month-on-month basis, the core sub-index increased by 1.21% in February 2021. This was down by 0.05% when compared with 1.26% recorded in January 2021.
The highest increases were recorded in prices of passenger transport by air, medical services, miscellaneous services relating to the dwelling, Hospital services, passenger transport by road.
It also includes pharmaceutical products, paramedical services, repair of furniture, Vehicle spare parts, maintenance and repair of personal transport equipment, motor cars, dental services and Hairdressing salons, and personal grooming establishment.