The National Bureau of Statistics (NBS), on Tuesday in Abuja said that Nigeria recorded an inflation rate of 15.70 percent in Feb. 2022.
The Informant 247 Nigeria News gathered the Statistician-General of the Federation, Dr. Simon Harry, announced 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 percent increase from the 15. 60 percent recorded in January 2022.
“The nation recorded an inflation rate of 15.70 percent in Feb. 2022 on a year-on-year basis, which is 0.10 percent points higher than the 15.60 percent recorded in Jan. 2022.
“On a month-on-month basis, the Headline index increased by 1.63 percent in February 2022. This was 0.16 percent points higher than the rate recorded in January 2022,’’ he said.
Harry said that the composite food index rose by 17.11 percent, recording a decrease of 4.68 percent points in February 2022, compared to 21.79 percent 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 a month-on-month basis, the food sub-index increased by 1.87 percent in February 2022, an increase from 1.62 percent recorded in January.
He said that food inflation for February was 17.11 percent, compared to 17.13 percent in January.
States Rank
While ranking states, Harry said that food inflation year-on-year was highest in Kogi with 21.04 percent, followed by Enugu with 20.31 percent and Kwara 20.03 percent.
He said that Sokoto had the lowest with 13.89 percent 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 percent in February.
He said this was higher compared to the 12.38 percent recorded in February 2021.
According to him, on a month-on-month basis, the core sub-index increased by 1.33 percent in February 2022.
This according to him is higher when compared to 1.25 percent recorded in January 2022.
“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 footwears.
“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 the urban inflation rate increased by 16.25 percent (year-on-year) in February 2022 from 17.92 percent recorded in February 2021.
“On the other hand, rural inflation rate increased by 15.18 percent in February 2022 from 16.77 percent in February 2021.
“On a month-on-month basis, the urban index rose by 1.65 percent in February 2022.
“This was higher compared to the rate recorded in January 2022 which was 1.53 percent.
“The rural index rose by 1.61 percent in February 2022, which is also higher compared to the rate recorded in January 2022, which was 1.42 percent,’’ he added.