Despite CBN’s Intervention, Nigeria’s Inflation Rises 18th Consecutive Months To 17.33%

Worsening food prices have driven Nigeria’s inflation to 17.33 per cent in February 2021 despite monetary intervention to contain the rates.

The February surge is the eighteenth consecutive rise since September 2019.

Over the past three months, Nigeria’s inflation has risen 17.33 per cernt, 16.47 per cent, 15.75 per cent recorded in February, January and December respectively.

The National Bureau of Statistics disclosed this on Tuesday in its Consumer Price Index for February 2021.

NBS said, “The consumer price index, (CPI) which measures inflation increased by 17.33 percent (year-on-year) in February 2021. This is 0.86 percent points higher than the rate recorded in January 2021 (16.47) percent.”

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 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 n.e.c, Fruits, Vegetable, Fish and Oils and fats,” said the report.

NBS disclosed that core inflation, which excludes the prices of volatile agricultural produce stood at 12.38 percent in February 2021, up by 0.53 percent when compared with 11.85 percent recorded in January 2021.