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Inflation Increase

Food prices soar as Nigeria’s inflation rises to 18.17%

Ebuka Daniel

Food prices have again pushed Nigeria’s inflation to 18.17 per cent which is one of the highest rate in recent times.

High food prices had driven Nigeria’s inflation to 17.33 per cent in February 2021 amidst monetary intervention.

Nigeria’s inflation had risen 17.33 per cent, 16.47 per cent, 15.75 per cent in February, January and December respectively.

The National Bureau of Statistics said in its report released Thursday that food inflation rose by 22.95 per cent in March compared to the 21.29 per cent recorded in February and the 20.57 per cent witnessed in January.

Inflation has now risen in the last 19th consecutive month due to the outbreak of the Covid-19 pandemic.

Nigeria has also been plagued with lingering insurgency, kidnapping and banditry which have complicated prices of foods, according to the Central Bank of Nigeria.

Thursday inflation figure was the highest since the 17.78 per cent recorded in February 2017.

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