In January, inflation rose to 16.47 percent amid skyrocketing food prices.
The NBS said Tuesday that food inflation rose to 21.79 percent in February, compared to 20.57 percent recorded in January 2021.
The NBS said it is the highest point since the data series began over a decade ago and this is associated with the food blockade experience at the end of February.
The cost of food rose penultimate week when a food blockade from the North to the South was announced by food and cattle suppliers.
The blockade led to a sharp rise in the prices of beef, foodstuff, and vegetables.
Analysts opined that the blockade would worsen Nigeria’s runaway food inflation.
The NBS said Tuesday that upward movement in food inflation was caused by increases in the prices of bread, cereals, fish, potatoes, yam, and other tubers, vegetables, meat, oils and fats, fruits and food products.
On a month-on-month basis, the headline index increased by 1.54 percent in February 2021. This is 0.05 percent rate higher than the rate recorded in January 2021 (1.49 percent).
The percentage change in the average composite CPI for the twelve months period ending February 2021 over the average of the CPI for the previous twelve months period was 14.05 percent, showing 0.43 percent point from 13.62 percent recorded in January 2021.
The urban inflation rate increased by 17.92 percent (year-on-year) in February 2021 from 17.03 percent recorded in January 2021, while the rural inflation rate increased by 16.77 percent in February 2021 from 15.92 percent in January 2021.
On a month-on-month basis, the urban index rose by 1.58 percent in February 2021, up by 0.06 the rate recorded in January 2021, while the rural index also rose by 1.50 percent in February 2021, up by 0.04 the rate that was recorded in January 2021 (1.46) percent.
The corresponding twelve-month year-on-year average percentage change for the urban index is 14.66 percent in February 2021.
This is higher than 14.23 percent reported in January 2021, while the corresponding rural inflation rate in February 2021 is 13.48 percent compared to 13.04 percent recorded in January 2021.
The composite food index rose by 21.79 percent in February 2021 compared to 20.57 percent in January 2021.
This rise in the food index was caused by increases in prices of bread and cereals, potatoes, yam and other tubers, meat, food products, fruits, vegetable, fish and oils and fats.
On a month-on-month basis, the food sub-index increased by 1.89 percent in February 2021, up by 0.06 percent points from 1.83 percent recorded in January 2021.
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