The inflation rate in Nigeria has increased to a new high according to data released by the National Bureau of Statistics (NBS).
According to the National Bureau of Statistics, the inflation rate in Nigeria increased to 17.33% in February 2021.
This is from 16.47% recorded in the previous month, representing the highest inflation rate recorded in four years.
This is according to the latest inflation report published by the National Bureau of Statistics (NBS).
Food inflation rose to 21.79% in February 2021 compared to 20.57% recorded in January 2021.
The ”All items less farm produce” or Core inflation, which excludes the prices of volatile agricultural produce stood at 12.38% in February 2021, up by 0.53% when compared with 11.85% recorded in January 2021.
More details shortly…