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Inflation Hits 17.33%, Highest In Four Years – NBS




Inflation Hits 17.33%, Highest In Four Years - NBS

The National Bureau of Statistics (NBS) has released the Consumer Price Index (CPI), which measures the rate of increase in the price of goods and services.

According to a report released on Tuesday, the CPI/Inflation index increased to 17.33 percent in February, the highest point since April 2017.

The report added that the food inflation stood at 21.79 percent, the highest point since the 2009 data series began.

Meanwhile, Nigeria, Africa’s largest economy, has been ranked third on a list of countries with the highest unemployment rate globally.

The country’s unemployment rate hit a new record high at 33.3 percent in fourth quarter (Q4) 2020 from 27.1 recorded in second quarter (Q2) 2020.

According to the Q4 unemployment report released by the Nigerian Bureau of Statistics (NBS) on Monday, a total of 23.18 million persons in Nigeria either did nothing or worked for less than 20 hours a week, making them unemployed during the fourth quarter (Q4) 2020.

NBS noted that the underemployment rate decreased from 28.6 percent to 22.8 percent, while a combination of both the unemployment and underemployment rate for the reference period gave a figure of 56.1 percent.

According to StatiSense, a data technology company, Bosnia and Herz, with 33.7 percent, topped the list of countries with the highest unemployment rate globally.

The country is followed by Namibia with 33.4 percent, Nigeria, 33.3 percent, and South Africa with 32.5 percent.

This is followed by Angola, Mozambique, Kosovo, Jordan, Lesotho, Palestine, and Swaziland.

According to the NBS Q4 report, Imo state recorded the highest rate of unemployment in Nigeria with 56.64 percent.

This was followed by Adamawa with 54.89 percent and Cross Rivers state with 53.65 percent.

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The states with the lowest rates were Osun, Benue, and Zamfara states with 11.65 percent, 11.98 percent, and 12.99 percent respectively.

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