Imported food prices surged 8.8 percent, the highest increase since February of 2013. Yet, the naira lost more than 20 percent to the USD from November to February as declining oil prices and political tensions hurt investor’s confidence. As a result, food cost rose to 9.4 percent, after remaining at 9.2 percent in the previous two months.
Additional upward pressures came from: housing, water, electricity and gas (6.5 percent); clothing and footwear (8.2 percent); transport prices (7.1 percent); furnishings and household equipment (8.6 percent); education (7.4 percent); health (7.5 percent); miscellaneous goods and services (7.8 percent); hotels, cafés and restaurants (8.6 percent); alcoholic beverages, tobacco and kola (7.9 percent); communications (3.7 percent) and recreational and culture (7 percent).
On a monthly basis, the consumer price index increased by 0.7 percent, easing from a 0.8 percent rise in the previous month. As food prices advanced at a slower 0.7 percent (0.9 percent in January).