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LequteMan
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Nigeria's annual consumer inflation rate in February rose to 11.4 percent, 176 basis points higher than in January, to near a three-and-a-half year high, data from the National Bureau of Statistics (NBS) revealed.
Food prices, which account for the bulk of the inflation basket, climbed by 11.3 percent in February compared with 10.6 percent the previous month, the NBS said.
"All major food groups which contribute to the food sub-index increased at a faster pace during the month," the NBS said in a report.
The NBS expects inflation to end the year at 10.16 percent, above the central bank's target upper limit of nine percent. The price index ended at 9.55 percent last year.
Nigeria is facing its worst economic crisis in decades fuelled by the collapse in crude prices, which has slashed government revenues, weakened the currency and caused growth to slow. The economy grew 2.8 percent last year, its slowest pace in decades.
Food prices, which account for the bulk of the inflation basket, climbed by 11.3 percent in February compared with 10.6 percent the previous month, the NBS said.
"All major food groups which contribute to the food sub-index increased at a faster pace during the month," the NBS said in a report.
The NBS expects inflation to end the year at 10.16 percent, above the central bank's target upper limit of nine percent. The price index ended at 9.55 percent last year.
Nigeria is facing its worst economic crisis in decades fuelled by the collapse in crude prices, which has slashed government revenues, weakened the currency and caused growth to slow. The economy grew 2.8 percent last year, its slowest pace in decades.
