Nigeria Inflation Rate Rises to 12.2%, Highest in 21 Months – NBS

The Consumer Price Index (CPI), which measures inflation, increased to 12.20 per cent (year-on-year) in February compared to 12.13 per cent in the preceding month, according to the National Bureau of Statistics (NBS).

Food inflation increased to 14.90 per cent compared to 14.85 per cent in January witnessing increases in prices of bread and cereals, fish, meat, vegetables, and oils and fats.

Also, core inflation, which excludes the prices of volatile agricultural produce increased to 9.43 per cent in February, up by 0.08 per cent when compared with 9.35 per cent in January.

The 12.2 percent index is also the highest recorded by the economy in the last 21 months.

More to come…

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