Nigeria: Inflation rises to three-year high at 11.4%
The National Bureau of Statistics on Tuesday night said an increase in major food items such as fish, vegetables and bread among other has pushed the Consumer Price Index from 9.6 per cent in January to 11.4 per cent in February.
The 11.4 per cent index for February which is the highest in almost three years is an increase of 176 basis points from what was recorded in January.
The last time Nigeria recorded a double digit inflation rate was in December 2012.
The bureau stated that the faster pace of increases which led to the overall increase in the headline index was recorded across almost all major divisions, which contribute to the Headline index with the exception of the Restaurants and Hotels division.
For instance, the report said after increasing at the same pace for two months, the pace of increases of food prices as recorded by the Food sub-index increased at faster pace in February by 11.3 per cent.
It said, “In February, the Consumer Price Index which measures inflation recorded a significant uptick. The headline index increased by 11.4 per cent (year-on-year) in February, roughly 1.76 per cent points higher from rates recorded in January (9.6 per cent).
“The faster pace of increases which led to the overall increase in the headline index was recorded across almost all major divisions which contribute to the Headline index with the exception of the Restaurants and Hotels division which increased, albeit at a slower pace.
“Imported food items as well as other necessary inputs to producing key local staples such as bread continue to drive the food index higher. The Food index increased by 11.3 per cent (Year- on-year) 0.7 per cent points higher from rates recorded in January.
“The highest price increases were recorded in the Fish, Vegetables and Bread and Cereals groups for the second consecutive month.”