Flood inflation in Nigeria rose from 20.57 per cent in January to 21.79 per cent in February, the highest level since the National Bureau of Statistics began the Consumer Price Index series in 2009.
Financial Street had earlier reported that the country’s inflation rate rose to 17.33 per cent, its highest level since February 2017, from 16.47 per cent in January.
The inflationary pressure was expected to rise, going by the political instability and economic headwinds in the country.
According to the NBS, headline inflation, on a month-on-month basis, increased by 1.54 per cent in February, compared to 1.49 per cent recorded in January.
The urban inflation rate increased to 17.92 per cent (year-on-year) in February from 17.03 per cent in January, while the rural inflation rate increased to 16.77 per cent from 15.92 per cent.
The NBS said the rise in the food index was caused by increases in prices of bread and cereals, potatoes, yam and other tubers, meat, food products, fruits, vegetable, fish and oils and fats.
It said the average annual rate of change of the food sub-index for the 12-month period ending February 2021 over the previous 12-month average was 17.25 per cent, compared to 16.66 per cent in January.
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