Latest date from the National Bureau of Statistics (NBS), indicates that Nigeria’s consumer price index, which measures the rate of increase in the price of goods and services, rose to 15.70 percent year-on-year in February 2022.
With the development, it means that the headline inflation rate slowed down in February when compared to the same month in the previous year.
The National Bureau of Statistics (NBS) said this in its Consumer Price Index (CPI) report for February 2022 released on Tuesday.
The rate is 1.63 percent points lower compared to the rate recorded in February 2021 (17.33) percent.
The ‘’All items less farm produce’’ or Core inflation, which excludes the prices of volatile agricultural produce stood at 14.01 percent in February 2022, up by 1.63 percent when compared with 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 up by 0.08 percent when compared with 1.25 percent recorded in January 2021.
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 n.e.c.
The average 12-month annual rate of change of the index was 13.46 percent for the twelvemonth period ending February 2022; this is 0.13 percent points higher than 13.33 percent recorded in January 2021.