Nigeria Inflation Quickened 15.70% in February

Nigeria Inflation Quickened to 15.70% in February

By Sahabi Abdul

Nigeria’s annual inflation rate increased in February to 15.70 percent on a surge in fuel prices and transportation costs, data released by the National Bureau of Statistics show.

While food inflation, a key driver of higher prices, fell to 17.11 percent in February from 21.79 in January, the highest increases were seen in the prices of various types of fuel as a shortage creeped in after off-specification petrol was imported by the Nigerian National Petroleum Co. Ltd.

Still, increases were recorded in all the measures used to gauge prices, according to the statistics agency. The urban inflation rate rose to 16.25 percent from 17.92 percent in January, while the rural rate slowed to 15.18 percent from 16.77 percent in January.