Nigeria’s inflation rate rose to 15.70 percent in February 2022, according to a report by the national bureau of statistics (NBS).
The NBS stated this in its Consumer Price Index (CPI) report for February 2022 released on Tuesday.
The rate is 1.63 percent points lower compared to the rate recorded in February 2021 (17.33) percent but the highest since October 2021 (15.99%).
According to the report, increases were recorded in all classifications of individual consumption according to purpose (COICOP) divisions that yielded the headline index.
The report reads, “On month-on-month basis, the headline index increased to 1.63 percent in February 2022, this is 0.16 percent rate higher than the rate recorded in January 2022 (1.47) percent.”
“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 percent, showing 0.14 percent point from 16.87 percent recorded in January 2022.
“The urban inflation rate increased to 16.25 percent (year-on-year) in February 2022 from 17.92 percent recorded in February 2021, while the rural inflation rate increased to 15.18 percent in February 2022 from 16.77 percent in February 2021.”
The statistician-general of the federation, Simon Harry had last month predicted that the fuel crisis would affect the country’s inflation rate.
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