Rising Food Prices Push Nigeria’s Inflation To 15.7% In February
As expected, Nigeria’s inflation jumped to 15.70 per cent in February, owing to rising food prices,resulting from the spike in petrol price.
The National Bureau of Statistics (NBS) in its latest Consumer price index (CPI) report released on Tuesday noted that the February rate represents a 1.63 percent decrease year-on- year.
The current inflation figure in February is higher than the 15.6 percent recorded in the previous month, indicating a 0.1 percent increase compared to the rate recorded in January 2022.
According to NBS, food inflation rose 17.11 percent in February 2022 compared to 21.79 per-cent in February 2021.”
“In February 2022, the consumer price index, (CPI) which measures inflation increased to 15.70 percent on year-on-year basis. This is 1.63 percent points lower compared to the rate recorded in February 2021 (17.33) percent. This means that the headline inflation rate slowed down in February when compared to the same month in the previous year,” the report reads.
“Increases were recorded in all COICOP divisions that yielded the Headline index. 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.”
According to NBS, “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.
On a month-on-month basis, the NBS said, “the urban index rose to 1.65 percent in February 2022, up by 0.12 the rate recorded in January 2022 (1.53) percent, while the rural index also rose to 1.61 percent in February 2022, up by 0.19 the rate that was recorded in January 2022 (1.42) per-cent.
“The twelve-month year-on-year average percentage change for the urban index is 17.29 per-cent in February 2022. This is lower than 17.44 percent reported in January 2022, while the corresponding rural inflation rate in February 2022 is 16.18 percent which is lower to 16.31 percent recorded in January 2022.
“The composite food index rose by 17.11 percent in February 2022 compared to 21.79 per-cent in February 2021. This 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 month-on-month basis, the food sub-index increased to 1.87 percent in February 2022, up by 0.25 percent points from 1.62 percent recorded in January 2022. The average annual rate of change of the Food sub-index for the twelve-month period ending February 2022 over the previous twelve-month average was 19.69 percent, 0.40 percent points from the average annual rate of change recorded in January 2022 (20.09) percent.
The ‘’All items less farm produce’’ or Core inflation, which excludes the prices of volatile ag-ricultural produce stood at 14.01 percent in February 2022, up by 1.63 percent when compared with 12.38 percent recorded in February 2021.
On month-on-month basis, the core sub-index increased by 1.33 percent in February 2022. This was up by 0.08 percent when compared with 1.25 percent recorded in January 2021.The highest increases were recorded in prices of Gas, Liquid fuel, Wine, Tobacco, Spirit, Nar-cotics, Solid fuels, Cleaning, repair and hire of clothing, Garments, Shoes and other foot wear, Other services in respect of personal transport equipment, Clothing materials, other articles of clothing and clothing accessories and Other services.
“The average 12-month annual rate of change of the index was 13.46 percent for the twelve-month period ending February 2022; this is 0.13 percent points higher than 13.33 percent recorded in January 2021,” NBS added.
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