Economy in jeopardy as inflation goes haywire 
Market in Nigeria

Nigeria’s Consumer Price Index (CPI), which measures inflation, increased by 15.70%, highest since October 2021 when it came in at 15.99%.

This according to the latest figures from the National Bureau of Statistics (NBS) released on Tuesday.

The figure, however, means that the headline inflation rate slowed down in February when compared to the same month in the previous year.

The rate is 1.63 percent points lower compared to the rate recorded in February 2021 (17.33) percent — but the

The CPI report said increases were recorded in all classifications of individual consumption according to purpose (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 report said.

“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.”

Last month, Simon Harry, the statistician-general of the federation, had said the fuel crisis would affect the country’s inflation rate.

Since February, the Russia-Ukraine war has caused a hike in global oil prices, while the importation of off-spec petrol caused scarcity across Nigeria

This is 1.63% lower than 17.33% 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 he said also increased by 1.63%, which is 0.16% higher recorded in the month of January.

 

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