VICTORIA ONU
THE worsening economic situation has driven Nigeria’s inflation to 17.33 per cent in February 2021 despite monetary intervention to contain the rates.
The National Bureau of Statistics disclosed this on Tuesday in its Consumer Price Index for February 2021.
The February increase is the 18th consecutive rise since September 2019.
Over the past three months, Nigeria’s inflation had risen by 17.33 per cent, 16.47 per cent, 15.75 per cent, respectively.
“The consumer price index, (CPI) which measures inflation increased by 17.33 per cent (year-on-year) in February 2021. This is 0.86 per cent points higher than the rate recorded in January 2021 (16.47) pe rcent,” the NBS said.
The country’s inflation, which has been in double digits since 2016, worsened with the COVID-19 pandemic.
With food prices being the major driver, food inflation rose 21.29 per cent from the 20.57 per cent recorded in January. In December 2020, the food component of the inflation was 19.56 per cent.
“This rise in the food index was caused by increases in prices of Bread and Cereals, Potatoes, Yam and other tubers, Meat, food products, Fruits, Vegetable, Fish and Oils and fats,” the report said.
The NBS disclosed that core inflation, which excludes the prices of volatile agricultural produce, stood at 12.38 per cent in February 2021, up by 0.53 per cent when compared with 11.85 per cent recorded in January 2021.
