Breaking! Inflation Hits 17.33 Percent - NBS

The National Bureau of Statistics, NBS, has disclosed that the consumer price index, which measures the rate of increase in the price of goods and services, increased to 17.33 percent in February.

This is the highest point since April 2017.

According to the CPI/Inflation report released by the National Bureau of Statistics (NBS) on Tuesday, the food inflation stood at 21.79 percent, the highest point since the 2009 data series began.

Over the past three months, Nigeria's inflation had risen by 17.33 percent, 16.47 percent, 15.75 percent, respectively.

According to the NBS, food inflation also grew by 21.79 percent year-on-year compared to 20.57 percent recorded in January.

It explained that the upward movement in food inflation was caused by increases in the prices of bread, cereals, fish, potatoes, yam and other tubers, vegetables, meat, oils and fats, fruits and food products.

Meanwhile, core inflation, which excludes the prices of volatile agricultural items, increased to 12.38 percent in February 2021,  compared to 11.85 percent in January 2021.

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