Nigeria’s inflation rate rises to 15.7% in February -NBS

The NBS said the new data was a 0.10 per cent increase from the 15.60 per cent recorded in January 2022.

The National Bureau of Statistics on Tuesday in Abuja said Nigeria recorded an inflation rate of 15.70 per cent in February 2022.

The Statistician-General of the Federation, Simon Harry, who spoke at a news conference to announce foreign trade statistics for fourth-quarter 2021 and Consumer Price Index (CPI) for February 2022, said this was a 0.10 per cent increase from the 15.60 per cent recorded in January 2022.

“The nation recorded an inflation rate of 15.70 per cent in February 2022 on a year-on-year basis, which is 0.10 per cent points higher than the 15.60 per cent recorded in January 2022.

“On a month-on-month basis, the Headline index increased by 1.63 per cent in February 2022. This was 0.16 per cent points higher than the rate recorded in January 2022,” he said.

Mr Harry said the composite food index rose by 17.11 per cent, recording a decrease of 4.68 per cent points in February 2022, compared to 21.79 per cent recorded in February 2021.

He said that rise in the food index was caused by increases in prices of bread and cereals, food products such as potatoes, yam and other tubers, oils and fats and fruits.

On a state-wise basis, Mr Harry said that food inflation on a year-on-year basis was highest in Kogi with 21.04 per cent, followed by Enugu with 20.31 per cent and Kwara 20.03 per cent.

He said that Sokoto had the lowest with 13.89 per cent in February.

The statistician-general said “all items less farm produce” or Core inflation, which excludes the prices of volatile agricultural produce, increased by 14.01 per cent in February.

He said this was higher than the 12.38 per cent recorded in February 2021.

According to him, on a month-on-month basis, the core sub-index increased by 1.33 per cent in February 2022.

This, according to him, is higher when compared to 1.25 per cent recorded in January 2022.

The statistician-general said the urban inflation rate increased by 16.25 per cent (year-on-year) in February 2022 from 17.92 per cent recorded in February 2021.