WorldStage Newsonline– Nigeria’s headline inflation rose by 180bps in February to 31.70% y/y from 29.90% y/y in January.
National Bureau of Statistics report on Friday said on a month-on-month basis, headline inflation increased by 48bps to 3.12% (January: 2.64% m/m).
Food inflation increased significantly by 251bps to 37.92% y/y (January: 35.41% y/y). The increase in Food inflation on a year-on-year basis was influenced by an uptick in prices of Bread and cereals, Potatoes, Yam and other Tubers, Fish, Oil and fat, Meat, Fruit, Coffee, Tea, and Cocoa. On a month-on-month basis, food inflation increased by 3.79%, relative to the 3.21% m/m recorded in the previous month.
Likewise, the core inflation (All items less farm produce and energy) surged by 154bps to 25.13% y/y (January: 23.59 y/y).
The highest increases were recorded in prices of Passenger Transport by Road, Actual and Imputed Rentals for Housing, Medical Services, Pharmaceutical products, etc.
However, on a monthly basis, the core index eased by 7bps to 2.17% in February (January: 2.24% m/m).
