Nigeria’s Inflation rate in February rose to 15.70 per cent from 15.60 per cent recorded in January 2022.
The National Bureau of Statistics (NBS) released the data on Tuesday 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”.
According to the NBS, Urban inflation rate increased by 16.25 percent (year-on-year) in February, 2022 from 17.92 per cent recorded in February, 2021.
On the other hand, the rural inflation rate increased by 15.18 per cent in February 2022 from 16.77 per cent in February 2021.
On a month-on-month basis, the urban index rose by 1.65 per cent in February 2022. This was higher compared to the rate recorded in January 2022 which was 1.53 per cent, while the rural index rose by 1.61 per cent in February 2022, also higher compared to the rate recorded in January 2022, which was 1.42 per cent.
Similarly, the NBS said the composite food index rose by 17.11 percent, indicating a decrease by 4.68 percent points in February, 2022 compared to 21.79 percent recorded in February, 2021.
This rise in the food index, the NBS stated 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 per cent in February 2022; an increase from 1.62 per cent recorded in January, 2022.
It further explained that the ‘’All items less farm produce’’ or Core inflation, which excludes the prices of volatile agricultural produce increased by 14.01 per cent in February 2022. This was higher compared to the 12.38 per cent recorded in February 2021.
On a month-on-month basis, the core sub-index increased by 1.33 per cent in February 2022. This was also higher when compared with 1.25 per cent 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 footwear, other services in respect of personal transport equipment, clothing materials, other articles of clothing and clothing accessories and other
services n.e.c”, the NBS further stated.
Dr Simon B. Harry,Statistician-General/CEO National Bureau of Statistics said on a State-wise basis, food inflation year-on-year was highest in Kogi with 21.04 percent followed by Enugu with 20.31 percent and Kwara (20.03 per cent), while Sokoto had the lowest with 13.89 percent in February 2022.
The Consumer Price Index (CPI) is an important macroeconomic indicator that provides a general measure of changes in prices of consumer goods and services purchased by households, and the inflation rate is directly computed from the CPI.
Accordingly, the CPI is used for many different purposes, such as being one of the important inputs in the formulation and revision of socio-economic and monetary policies; adjustment in wages and salaries in many sectors; adjustment of some government benefits and contracted payments such as salaries and contract prices.
YOU SHOULD NOT MISS THESE HEADLINES FROM NIGERIAN TRIBUNE
We Have Not Had Water Supply In Months ― Abeokuta Residents
In spite of the huge investment in the water sector by the government and international organisations, water scarcity has grown to become a perennial nightmare for residents of Abeokuta, the Ogun State capital. This report x-rays the lives and experiences of residents in getting clean, potable and affordable water amidst the surge of COVID-19 cases in the state…
Selfies, video calls and Chinese documentaries: The things you’ll meet onboard Lagos-Ibadan train
The Lagos-Ibadan railway was inaugurated recently for a full paid operation by the Nigerian Railway Corporation after about a year of free test-run. Our reporter joined the train to and fro Lagos from Ibadan and tells his experience in this report…
[ICYMI] Lekki Shootings: Why We Lied About Our Presence — General Taiwo
The Lagos State Judicial Panel of Inquiry probing the killings at Lekki Toll Gate, on Saturday resumed viewing of the 24hrs footage of the October 20, 2020 shooting of #EndSARS protesters by personnel of the Nigerian Army…
ICYMI: How We Carried Out The 1993 Nigerian Airways Hijack —Ogunderu
On Monday, October 25, 1993, in the heat of June 12 annulment agitations, four Nigerian youngsters, Richard Ajibola Ogunderu, Kabir Adenuga, Benneth Oluwadaisi and Kenny Razak-Lawal, did the unthinkable! They hijacked an Abuja-bound aircraft, the Nigerian Airways airbus A310, and diverted it to Niger Republic. How did they so it? Excerpts…
Sahabi Danladi Mahuta, a community mobiliser and APC chieftain. Mahuta spoke to select journalists at the sidelines of an Islamic conference in Abuja recently. Excerpts…
and then