Nigeria's Inflation Rate Hits All Time High Of 11.4 Per Cent

Nigeria’s inflation rate recorded a significant uptick in February 2016, hitting an all time high of 11.4 per cent, 1.7 per cent points higher than January’s 9.6 per cent.

This is the first time the country’s inflation rate is galloping to double digit in several years. The last administration met it at a double digit, but left it at 8.5 per cent when it exited on May 29, 2015.

According to a report made available to Daily Post by the National Bureau of Statistics (NBS), the agency responsible for statistics gathering, the faster pace of increases which led to the overall increase in the headline index  were recorded across almost all major divisions which contribute to the headline index with the exception of the restaurants and hotels division which increased, albeit at a slower pace.

After increasing at the same pace for two months, the pace of increases of food prices as recorded by the food sub-index increased at faster pace in February. 

The food index increased by 11.3 per cent, up by 0.71 per cent points from rates recorded in January. During the month too, all major food groups which contribute to the Food sub-index increased at a faster pace during the month with the exception of the potatoes, yams and other tubers; and sugar, jam, honey, chocolate and confectionery groups.

Imported food items as well as other necessary inputs to producing key local staples such as bread continued to drive the food index higher.