As per the report provided by the statistics office, the inflation rate in Nigeria has witnessed a subsequent increase. In February, the annual inflation rate surged to 21.91 percent, depicting an increase from the 21.82 percent figure noted in January.
The biggest economy in Africa had inflation growth for ten consecutive months in 2017, which prompted the central bank to raise interest rates repeatedly. In December, the rate of price increases slowed down, but in January, it began to accelerate once more.
Nigeria’s inflation rate rose from 24.32 percent in January to 24.35 percent in February, with food prices accounting for the majority of the increase.
Major themes at last month’s election included high prices, slow economic growth, and growing insecurity. The candidate of the ruling party triumphed in a contest marked by poor voter turnout, administrative blunders, and voting disruption in certain locations.
According to the National Bureau of Statistics, price hikes in oil and fat, bread and cereals, potatoes, yams, fish, fruits, meat, and vegetables, as well as food goods, were to blame for the rise in food inflation.