The National Bureau of Statistics (NBS), on Tuesday in Abuja, said that Nigeria recorded an inflation rate of 15.70% in February.
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% increase from the 15.60% recorded in January, 2022.
“The nation recorded an inflation rate of 15.70% in February 2022 on a year-on-year basis, which is 0.10% points higher than the 15.60% recorded in Jan. 2022.
“On a month-on-month basis, the Headline index increased by 1.63% in February, 2022. This was 0.16% points higher than the rate recorded in January 2022,” he said.
Harry said the composite food index rose by 17.11%, recording a decrease of 4.68% points in February, 2022, compared to 21.79% recorded in February, 2021.
He attributed the rise in the food index to increases in the 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% in February, 2022, an increase from 1.62% recorded in January.
He said that food inflation for February was 17.11%, compared to 17.13% in January.
On a state-wise basis, Harry said the food inflation on year-on-year was highest in Kogi with 21.04%, followed by Enugu with 20.31%, and Kwara 20.03%, while Sokoto had the lowest with 13.89%.
Food inflation on year-on-year was highest in Kogi with 21.04%, followed by Enugu with 20.31%, and Kwara 20.03%, while Sokoto had the lowest with 13.89%.
The Statistician-General also said: “all items less farm produce’’ or Core inflation, which excludes the prices of volatile agricultural produce increased by 14.01% in February compared to the 12.38% recorded a year ago.
According to him, on a month-on-month basis, the core sub-index increased by 1.33% in February, or 1.25% higher than recorded in January.
“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.
He added that urban inflation rate increased by 16.25% (year-on-year) in February, 2022 from 17.92% recorded in February, 2021.
“On the other hand, the rural inflation rate increased by 15.18% in February 2022, from 16.77% in February 2021.
“On a month-on-month basis, the urban index rose by 1.65% in February 2022. This was higher compared to the rate recorded in January, 2022 which was 1.53%.
“The rural index rose by 1.61% in February 2022, which is also higher compared to the rate recorded in January 2022, which was 1.42%,” he said.