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For the first time in over three years, Nigeria’s inflation rate reached double digits in February. According to a report released by the National Bureau of Statistics on Tuesday, Nigeria’s inflation rate rose to 11.4 percent in February from 9.6 percent recorded in January.

The last time Nigeria recorded double digit inflation was in December 2012. The inflation rate had crossed the Central Bank of Nigeria’s upper limit of 9 percent in June last year.

Despite rising inflation, the CBN cut benchmark interest rate in November to 11 percent from 13 percent in order to boost Nigeria’s weakening economy. The economy grew by 2.8 percent in 2015, compared to 6.3 percent GDP growth rate recorded in 2014.  

The slump in oil prices and Nigeria’s dwindling foreign exchange reserves have led the CBN to maintain its forex restrictions, which have led to dollar scarcity and the weakening of the naira at the parallel market.

According to the NBS, all major divisions in its consumer price index recorded faster growth rates in February with the exception of the Restaurants and Hotels division.

Food inflation rose 0.71 percent month-on-month to 11.3 percent in February, from 10.6 percent recorded in January.

“The highest price increases were recorded in the fish, vegetables and bread and cereals groups for the second consecutive month,” the NBS said.

Core inflation, which excludes volatile agricultural products, rose to 11 percent in February from 8.8 percent recorded in January.

“In February, the highest price increases were recorded in the electricity, books and stationery groups, and liquid fuels groups,” the NBS said.