Nigeria’s Inflation Rate Rises to Four-year High of 17.33%, Food Inflation Highest in 11 Years

Nigeria’s consumer price index, which measures the rate of increase in the price of goods and services, rose to 17.33 percent in February hitting a four year high.

According to the CPI/Inflation report released by the National Bureau of Statistics (NBS) on Tuesday, the food inflation stood at 21.79 percent, the highest point since the 2009 data series began.

The President Buhari’s administration is exploring ways to reduce transportation costs, which it says are contributing to a jump in food costs. Analyst have also called for an improvement in security for farmers to reduce the the rising food inflation.