Macroeconomic Report & Economic Updates

Nigeria Economic Update (Issue 12)

Inflation rate for February 2021 rose for the 18th consecutive month to its highest rate since February 2017.1 SGeoffrey Johnson Obipecifically, inflation rate increased to 17.33 percent in February 2021 from 16.47 percent in January 2021. The food sub-component of inflation rose to 21.79 percent from 20.57 percent while core inflation stood at 12.38 percent from 11.85 percent in the review period.2 Disaggregated data by states shows that Kogi (24.73 percent), Bauchi (22.92 percent) and Ebonyi (20.45 percent) recorded the highest inflation rates within the review period. The continuous rise in the prices of food supplies is as a result of the interplay of several factors including sustained insecurity in areas where foods are grown, rising transportation costs, and high import costs linked to the depreciation of the naira. As such, addressing the rise in prices will require a multipronged solution including ensuring the safety of farm workers and enhancing productivity in the sector through the adoption of innovative farming and processing technologies.

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