Nigeria records 15.7% inflation rate in Feb  – NBS

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

The Statistician-General of the Federation, Dr. Simon Harry, said this at a news conference to announce foreign trade statistics for fourth quarter 2021 and Consumer Price Index (CPI) for February 2022.

Harry said there 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 Feb. 2022 on a year-on-year basis, which is 0.10 per cent points higher than the 15.60 per cent recorded in Jan. 2022.

“On month-on-month basis, 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.

Harry said that 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 the 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 month-on-month basis, the food sub-index increased by 1.87 per cent in February, 2022, an increase from 1.62 per cent recorded in January.

He said that food inflation for February was 17.11 per cent, compared to 17.13 per cent in January.

On state-wise basis, Harry said that food inflation on year-on-year 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 compared to 12.38 per cent recorded in February 2021.

According to him, on 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.

Nigeria’s inflation drops to 15.6%, says NBS

“The highest increases were recorded in prices of gas, liquid fuel, wine and tobacco.

“Others are spirit, narcotics, solid fuels, cleaning, repairs and hire of clothing, garments, shoes and other foot wears.

“The rest are services in respect of personal transport equipment, clothing materials, other articles of clothing and clothing accessories and other services,” Harry said.

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

“On the other hand, rural inflation rate increased by 15.18 per cent in February 2022 from 16.77 per cent in February 2021.

“On a month-on-month basis, the urban index rose by 1.65 per cent in February, 2022.

“This was higher compared to the rate recorded in January, 2022 which was 1.53 per cent.

“The rural index rose by 1.61 per cent in February 2022, which is also higher compared to the rate recorded in January 2022, which was 1.42 per cent,” he said.

The Star