Nigeria Inflation increases by 15.70% in February – NBS
The National Bureau of Statistics, NBS, says the Consumer Price Index, CPI has increased by 15.70 per cent year on year in the month of February.
The Statistician-General of the Federation, Dr Simon Harry who stated this on Tuesday at the monthly press briefing in Abuja, said that Nigerians were paying higher prices for basic commodities.
According to the NBS, the highest increases were recorded in prices of gas, fuel, wine, tobacco, spirit, narcotics and solid fuels among others.
It said, “In February 2022, the CPI which measures inflation increased to 15.70 per cent on a year-on-year basis. This 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.
The Statistician-General of the Federation also hinted that food inflation which has remained volatile for the month of February dropped to 17.11 per cent compared to 17.13 per cent recorded in January.
On food inflation year-on-year basis, Kogi state recorded 21.04 per cent, Enugu state recorded 20.31 per cent, Kwara with 20.03 per cent, while Sokoto state had 13.83 per cent being the state with the lowest figure in the month of February.
Harry noted that the current Ukraine and Russia crisis is affecting the global economy and Nigeria is suffering of its fallout.
The National Bureau of Statistics said is working closely with, Central Bank of Nigeria, National Population Commission, Nigerian National Petroleum Company limited to provide more dependable statistics on Nigeria’s food prices, consumption patterns and their effects on consumption and the larger economy.
