With Nigeria facing persistent fuel scarcity, high transportation costs and nationwide blackout, the National Bureau of Statistics (NBS) on Tuesday said the Consumer Price Index (CPI) which measures inflation increased by 15.70 per cent in February 2022 on a year-on-year basis as against January’s rate of 15.60 per cent.
The Statistician-General of the Federation (SG), Dr Simon Harry, said in a statement that the new figure of 15.70 per cent is 1.63 per cent points lower compared to the rate recorded in February 2021 (17.33) per cent.
“This means that the headline inflation rate slowed down in February when compared to the same month in the previous year. Increases were recorded in all Consumption According to Purpose (COICOP) divisions that yielded the headline index. On a month-on-month basis, the headline index increased to 1.63 per cent in February 2022. This is a 0.16 per cent rate higher than the rate recorded in January 2022 (1.47) per cent.
“The percentage change in the average composite CPI for the twelve months period ending February 2022 over the average of the CPI for the previous twelve months period was 16.73 per cent, showing 0.14 per cent point from 16.87 per cent recorded in January 2022.
“The urban inflation rate increased to 16.25 per cent (year-on-year) in February 2022 from 17.92 per cent recorded in February 2021, while the rural inflation rate increased to 15.18 per cent in February 2022 from 16.77 per cent in February 2021,” he said.
According to the Statistician-General, the rise in food inflation was a combination of many factors which include increases in bread and cereals; food product, potatoes, yam and other tubers.
“Similarly, the composite food index rose by 17.11 per cent, decreasing by 4.68 per cent points in February 2022 compared to 21.79 per cent recorded in February 2021. This rise in the food index was caused by increases in prices of bread and cereals, food product, potatoes, yam and other tuber, oils and fats and fruits. On a 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 2022.
However, ‘’all items less farm produce’’ or core inflation, which excludes the prices of volatile agricultural produce increased by 14.01 per cent in February 2022, he said.
