The National Bureau of Statistics (NBS) has disclosed that the inflation rate rose from 15.60% in January 2022 to 15.70% in February 2022.
The Statistician-General of the Federation, Dr. Simon Harry, who made the announcement to reporters Abuja, attributed the increase to soared fuel and gas prices.
He said: “For the month of February 2022, the consumer price index (CPI) increased by 15.70 per cent (year-on-year). This was 1.63 per cent points lower compared to the rate recorded in February 2021 (17.33) per cent.
“On a month-on-month basis, the Headline index increased by 1.63 per cent in February 2022.
“This was 0.16 per cent points higher than the rate recorded in January 2022.”
He said: “Also, that the nation recorded an Inflation Rate of 15.70 per cent in February 2022 on a year-on-year basis, which is 0.10 per cent points higher than the 15.60 per cent recorded in January 2022.”
He also noted that the 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, Harry said the rural inflation rate increased by 15.18 percent in February 2022 from 16.77 percent in February 2021.
He added that on a month-on-month basis, the urban index rose by 1.65 percent in February 2022.
This, he said, 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.
The NBS boss said 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.
He explained that 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 fruits.
He said: “On a 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.”