Nigeria’s inflation rate changed direction in February

Nigeria’s inflation rate changed direction in February as it rose 15.7% from 15.6% recorded in the previous month. This represents a 0.1% point increase compared to the rate recorded in January 2022.

This is according to the consumer price index report, released by the National Bureau of Statistics (NBS).

The uptick in Nigeria’s inflation rate is attributed to the increase in the price of goods and services, following the fuel scarcity across the country in February.

Recall that analysts had earlier predicted an uptick in the inflation figures for the month of February 2022, owing to the ripple effect of fuel scarcity on cost of transportation, operation cost, food prices amongst others.

READ ALSO: Analysts predict higher inflation rate for February 2022

On a month-on-month basis, the Headline index increased to 1.63% in February 2022, this is 0.16 percent higher than the rate recorded in January 2022 (1.47%).

However, food inflation dropped to 17.11% from 17.13% recorded in the previous month, representing its lowest level since September 2020. The 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 fruit.

On the other hand, core inflation rose to 14.01% in February 2022, from 13.87% recorded in January 2022. This represents the highest rate recorded since April 2017.

The highest increases were recorded in prices of Gas, Liquid fuel, Wine, Tobacco, Spirit, Narcotics, Solid fuels, Cleaning, repair and hire of clothing, Garments, Shoes and other footwear, other services in respect of personal transport equipment, Clothing materials, other articles of clothing and clothing accessories and other services.