Nigeria Inflation Rate Hits 17.33 % , the highest in Four Years .
The National Bureau of Statistics on Tuesday March 16, released a report which revealed that the country’s inflation rate rose from 16.46 per cent in January 2021 to 17.33 per cent in February 2021.
The latest inflation rate is said to be the highest recorded in four years. The National Bureau of Statistics which also disclosed that food inflation rose to 21.79 per cent in February compared to 20.57 per cent recorded in January 2021, added that it is the highest point since the data series began over a decade ago.
Headline inflation experienced an increase by 1.89 per cent from 1.83 percentage points, on a monthly basis.
The urban inflation rate on the other hand increased by 17.92 percent yearly in February 2021 from 17.03 percent recorded in January 2021, while the rural inflation rate increased by 16.77 percent in February 2021 from 15.92 percent in January 2021.
The bureau disclosed the rise in the food index was caused by an increase in prices of Bread and cereals, Potatoes, yam and other tubers , Meat, Food production, Fruits,Vegetable, Fish and Oils and fats.