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Nigeria’s inflation rises 15.7% in Feb vs 15.6% previously, driven by fuel shortage

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Nigeria’s consumer Price Index rose to 15.7 percent in February from 15.6 percent in January, according to the latest data from the National Bureau of Statistics (NBS).

In its ‘Consumer Price Index February 2022’ report published on Tuesday, the NBS said the rise in the inflatiton figure was driven by increases in prices of gas, liquid fuel, wine, tobacco, spirit, narcotics, solid fuels among others.

“In February 2022, the 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.

“Increases were recorded in all classification of individual consumption by purpose 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) per cent,” the statistics agency stated.

The NBS report showed that the percentage change in the average composite CPI for the 12 months period ending February 2022 over the average of the CPI for the previous 12 months period was 16.73 percent, showing 0.14 percent point from 16.87 percent recorded in January 2022.

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The urban inflation rate increased to 16.25 percent (year-on-year) in February 2022 from 17.92 per cent recorded in February 2021, while the rural inflation rate increased to 15.18 per cent in February 2022 from 16.77 per cent in February 2021.

The report showed that the 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 reads.

“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.

Last month, the statistician-general of the federation, Simon Harry 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. 

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