After thawing slightly in January, Nigeria’s Consumer Price Index (CPI), which measures inflation rate, renewed its rising trend in February, hitting 15.70 percent year-on-year.
Briefing journalists on the CPI report of the agency in Abuja, the Statistician General of the Federation and the CEO of the NBS, Dr. Simon Bashar Harry, described the CPI as an important macroeconomic indicator that provides a general measure of changes in prices of consumer goods and services purchased by households.
The Statistician General reported that in the month under review, the CPI increased by 15.70 percent (year-on-year, representing 1.63 percent points lower compared to the 17.33 percent rate recorded in February, 2021.
He elaborated: “On month-on-month basis, Headline index increased by 1.63 percent in February, 2022. This was 0.16 percent points higher than the rate recorded in January 2022.
“Urban inflation rate increased by 16.25 percent (year-on-year) in February, 2022 from 17.92 percent recorded in February, 2021.
“On the other hand, rural inflation rate increased by 15.18 percent in February 2022 from 16.77 percent in February 2021. On a month-on-month basis, the urban index rose by 1.65 percent in February, 2022.
“This was higher compared to the rate recorded in January, 2022 which was 1.53 percent, while the rural index rose by 1.61 percent in February 2022, also higher compared to the rate recorded in January 2022, which was 1.42 percent.
“Similarly, the composite food index rose by 17.11 percent, decrease by 4.68 percent points in February, 2022 compared to 21.79 percent recorded in February, 2021. This rise in the food index was caused by increases in prices of bread and cereals, food product n.e.c, potatoes, yam and other tuber, oils and fats and fruits.
“On month-on-month basis, the food sub-index increased by 1.87 percent in February, 2022; an increase from 1.62 percent recorded in January, 2022”, he added.
On the ‘’All items less farm produce’’ or Core inflation, which excludes the prices of volatile agricultural produce, Harry reported that the core inflation increased by 14.01 percent in the month under review and was higher compared to 12.38 percent recorded in the corresponding month of 2021.
He further explained that on month-on-month basis, the core sub-index increased by 1.33 percent in February, 2022 and also higher when compared with 1.25 percent recorded in January 2022.
The Statistician General pointed out that 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 foot wear, other services in respect of personal transport equipment, clothing materials, other articles of clothing and clothing accessories and other services.
