Inflation rises to 4 year peak as food prices soar in Nigeria

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The Nigerian Bureau of Statistics has today said Nigeria’s inflation rate rose to 17.33 percent in February 2021.

This is the highest inflation rate recorded in four years.

In January, inflation rose to 16.47 percent amid skyrocketed food prices.

The bureau has said that food inflation rose to 21.79 percent in February, compared to 20.57 percent recorded in January 2021.

The bureau said it is the highest point since the data series began over a decade ago.

The headline inflation increased by 1.89 per cent from 1.83 percentage points, month-on-month.

The cost of food rose penultimate week when a good blockade was announced by food and cattle suppliers from North to South.

The blockade led to a sharp rise in the prices of beef, foodstuff and vegetables, especially in the southern states.

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