Nigeria’s inflation jumps to 17.33%, highest in four years
The inflation rate in Nigeria surged to 17.33 percent in February, its highest level in four years, official figures showed on Tuesday.
The National Bureau of Statistics disclosed this in its latest report on the consumer price index, which measures inflation.
It said the inflation rate rose by 0.86 percent points in February from the 16.47 percent recorded in January.
The country’s inflation rate had not risen to as high as 17.33 percent since February 2017, when inflation rate stood at 17.78 percent, the NBS data obtained by Markets Reporters showed.
The statistics office said the composite food index rose by 21.79 percent in February 2021 compared to 20.57 percent in January.
This 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, according to the report.
“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, 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,” the NBS said.
