The National Bureau of Statistics, NBS, says the Consumer Price Index, CPI increased by 15.70% Year on Year in the month of February.
This is 1.63% lower than 17.33 per cent recorded in the previous month.
The Statistician General of the Federation, Dr. Simon Harry disclosed this on Tuesday during the monthly press briefing at the bureau’s headquarters, in Abuja.
On the month by month basis, the inflation increased by 1.63 per cent, which is 0.16 per cent higher than recorded in the month of January.
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, the 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 highercompared 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.
The ‘’All items less farm produce’’ or Core inflation, which excludes the prices of volatile agricultural produce increased by 14.01 percent in February, 2022.
This was higher compared to 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 also higher when compared with 1.25 percent recorded in January 2022.
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.
