Nigeria’s inflation up 11.4% in February

Nigeria’s headlines inflation for the month of February has jumped to 11.4% up by 2.6% month-on-month, according to the report just released by the Bureau of Statistics.

Consumer inflation was reported at 9.6% in January, already outside the threshold set for monetary policy considerations by the Central Bank.

Ahead of the release, inflation estimates for February has been put at between 9.7% and 10.1%.

February 2015 Consumer Price Index (CPI)/ Inflation Report released by the National Bureau of Statistics explained, “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.”

According to the statistics office, the food sub-index moved up 1.4% month-on-month to 11.3% in February.

“The food sub-index increased at a faster pace with the exception of potatoes, yams and other tubers and sugar, jam, honey, chocolate and confectionery groups.

“The ‘All Items less Farm Produce’ or Core sub-index, increased at a faster pace in February as imported items as well as other domestic products, resulting in ripple effects across many divisions,” the reports says.

Urban inflation climbed 3.0% to 12.3% and rural inflation reported higher at 10.7% advancing 1.8% last month.