Nigeria’s inflation rate has risen to 17.33 percent in February 2021, from 16.47 percent recorded in January 2021.

This, according to the latest inflation report published by the National Bureau of Statistics, represents the highest inflation rate recorded in four years.

The last time the country recorded an inflation rate this high was in February 2017, when it declined to 17.78 percent  from 18.72 percent.

On a month-on-month basis, the Headline index increased by 1.54 percent in February 2021, this is 0.05 percent point higher than the rate recorded in January 2021 (1.49 percent).

Food inflation

According to NBS, the closely watched index rose to 21.79 percent in February 2021 compared to 20.57 percent recorded in January 2021.

On a 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.

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, Vegetables, Fish and Oils, and fats. 

Core inflation

The ”All items less farm produce” or Core inflation, which excludes the prices of volatile agricultural produce stood at 12.38 percent in February 2021, up by 0.53 percent when compared with 11.85 percent recorded in January 2021.

On a month-on-month basis, the core sub-index increased by 1.21 percent in February 2021. This was down by 0.05 percent when compared with 1.26 percent 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.