By Peter OBIORA InvestAdvocate

Lagos (INVESTADVOCATE)- Nigeria’s inflation rose to 11.4 percent in February 2016, as the Consumer Price Index (CPI) which measures inflation recorded a significant uptick and soaring to a Three-Year High, according to the National Bureau of Statistics (NBS) latest report.

Africa’s largest oil producer’s inflation rate rose above 10 percent in February for the first time since December 2012 as the costs of food climbed up.

According to the NBS, this increase by 11.4 percent (year-on-year) in February is roughly 1.76 percent higher from rates recorded in January (9.6 percent). “The faster pace of increases which led to the overall increase in the headline index were recorded across almost all major divisions which contribute to the Headline index with the exception of the Restaurants and Hotels division which increased, albeit at a slower pace,” NBS reported.

The nation’s statistics office said after increasing at the same pace for two (2) months, the pace of increases of food prices as recorded by the Food sub-index increased at faster pace in February.

It reported the Food index increased by 11.3 percent, up by 0.71 percent from rates recorded in January. “During the month, all major food groups which contribute to the Food sub-index increased at a faster pace during the month with the exception of the Potatoes, Yams and Other Tubers; and Sugar, jam, honey, chocolate and confectionery groups,” the NBS added.

The NBS said the index increased by 11.0 percent in February, roughly 2.2 percent from rates recorded in January. “On a month-on-month basis, the Headline Index increased at a faster pace in February relative to January. The index increased by 2.3 percent, in February, roughly 1.4 percent from rates recorded in January, as all divisions that contribute to the index increased with the exception of the imported food items as well as other necessary inputs to producing key local staples such as bread continue to drive the food index higher.

The Food index increased by 11.3 percent, up by 0.71 percent from rates recorded in January. In January, both the Urban and Rural indices recorded marked increases. The Urban index rose by 12.3 percent (year-on- year) from 9.7 percent recorded the month earlier, and the Rural index increased by 10.7 percent in February from 9.5 percent in January. On a month-on-month basis, both the Urban and Rural indices increased at a faster pace, as the Urban index increased by 3.0 percent in February from 0.9 percent in January, while the Rural index increased by 1.8 percent from 0.9 percent in January, according to the NBS report.

The nation’s statistics office said the percentage change in the average composite CPI for the twelve-month period ending in February 2016 over the average of the CPI for the previous twelve-month period was 9.4 percent, higher from 9.1 percent recorded in January.

It further affirmed that the corresponding twelve-month year-on-year average percentage change for the urban index increased from 9.2 percent in January to 9.5 percent in February, while the corresponding rural index also increased from 9.0 percent in January to 9.2 percent in February.

Click here to vieww Consumer Price Index (CPI) february 2016-NBS