Inflation rate quickens to 48-month high…

On the back of surging food prices, Nigeria’s February inflation rate accelerated by 17.33 percent, a 0.86 percent point increase from 16.47 percent in January 2021, according to a report released by the National Bureau of Statistics.

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From BusinessDay analysis, inflation rate has been rising for 18 straight months and it is at the highest in 48 months.

The report showed that inflation rose month-on-month by 1.54 percent, which is 0.05 percentage points higher than 1.49 percent recorded in January.

Food inflation rose by 21.79 percent month-on-month compared to 20.57 percent in January 2021.

The major drivers of the rise in Nigeria’s food index are bread, cereal, meat, fruits, vegetables, oil & fat, potatoes, fish, yam and other tubers.

Core inflation, which excludes the prices of volatile agricultural produce stood at 12.38 percent month-on-month, up 0.53 percent compared to 11.85 percent in January 2021.


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