Nigeria inflation hits 17.33%, highest in four years

The Nationwide Bureau of Statistics (NBS) on Tuesday March 16, launched a report which revealed that the nation’s inflation charge rose from 16.46 per cent in January 2021 to 17.33 per cent in February 2021.

 

The newest inflation charge is claimed to be the very best recorded in 4 years. The NBS which additionally disclosed that meals inflation rose to 21.79 per cent in February in comparison with 20.57 per cent recorded in January 2021, added that it’s the highest level because the knowledge collection started over a decade in the past.

 

Headline inflation elevated by 1.89 per cent from 1.83 share factors, month-on-month. 

 

The city inflation charge then again elevated by 17.92 p.c (year-on-year) in February 2021 from 17.03 p.c recorded in January 2021, whereas the agricultural inflation charge elevated by 16.77 p.c in February 2021 from 15.92 p.c in January 2021.

 

On a month-on-month foundation, the city index rose by 1.58 p.c in February 2021, up by 0.06 the speed recorded in January 2021, whereas the agricultural index additionally rose by 1.50 p.c in February 2021, up by 0.04 the speed that was recorded in January 2021 (1.46) p.c.

 

The company stated the rise within the meals index was attributable to a rise in costs of Bread and cereals, Potatoes, yam and different tubers , Meat, Meals manufacturing, Fruits,Vegetable, Fish and Oils and fat.

 

The share change within the common composite CPI for the twelve months interval ending February 2021 over the common of the CPI for the earlier twelve months interval was 14.05 p.c, displaying 0.43 p.c level from 13.62 p.c recorded in January 2021.

 

 

 

 

 

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