Nigeria Inflation Accelerates to 17.33% in February

Nigeria Inflation Acceletates to 17.33% in February

By Chuks Emele

Nigeria’s annual inflation rose to 17.33 percent in February from 16.47 percent in the previous month,  under pressure from mounting food costs, according to the National Bureau of Statistics.

Though food inflation maintained its upward trend,  reaching 21.79 percent in February from 20.57 percent in January, price “Increases were recorded in all” the measures used to determine the headline index.

Prices in Nigeria have been dogged by naira depreciation due to low foreign receipts and rising food shortages caused by insecurity in the country’s main food growing regions.

Though the Central Bank of Nigeria set a target band of between 6 to 9 percent in its inflation management, the actual rate have stayed outside this band for the past six years.