Nigeria’s Inflation Soars By 11.4% In February

The National Bureau of Statistics, NBS, on Tuesday, March 15, said the inflation rate in February jumped by 11.4 per cent compared to the 9.6 per cent in January.

This is contained in February 2015 Consumer Price Index (CPI)/ Inflation Report issued by the NBS in Abuja.

According to the report, the CPI which measures inflation, has recorded a significant increase in February.

“The headline index increased by 11.4 per cent year-on-year in February, roughly 1.76 per cent point higher from rates recorded in January (9.6%).

“The faster pace of increases which led to the overall rise in the headline index was recorded across almost all major divisions.

“ This contributes 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 report said the pace of food prices as recorded by the food sub-index increased at faster pace in February.

It said the food index increased by 11.3 per cent, up by 0.71 per cent point from rates recorded in January.