Increase in prices of food items, fuel and gas drove inflation up to 15.70 per cent with most experts predicting that higher energy and food costs would continue to drive inflation rate upward in the meantime.
The National Bureau of Statistics (NBS) yesterday released its latest inflation rate, indicating that the headline inflation rate rose from 15.60 per cent in January 2022 to 15.70 per cent last month.
Statistician-General of the Federation, Dr. Simon Harry, who made the announcement to reporters Abuja, attributed the increase to increased fuel and gas prices.
For last month, the consumer price index (CPI) increased by 15.70 per cent. This was 1.63 per cent points lower compared to 17.33 per cent recorded in February, 2021. On month-on-month basis, 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.
The report showed that urban inflation rate increased by 16.25 per cent in February 2022 from 17.92 per cent recorded in February 2021.
On the other hand, Harry said rural inflation rate increased by 15.18 percent in February 2022 from 16.77 percent in the same period last year.
He added that monthly, the urban index rose by 1.65 per cent last month. 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 per cent last month, also higher compared to the rate recorded in January 2022, which was 1.42 per cent.
The NBS indicated that the composite food index rose by 17.11 per cent, decrease by 4.68 per cent points in February 2022 compared to 21.79 per cent recorded in February 2021.
Harry explained that the rise in food index was caused by increases in prices of bread and cereals, food product 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,’’ he added.