Inflation rose to 15.7% in February

Nigeria’s headline inflation for February has increased to 15.70, a 0.10 per cent rise from the 15. 60 recorded in January, the National Bureau of Statistics (NBS) has said.

The Statistician General of the Federation and Chief Executive Officer of NBS, Dr Simon Harry, during a press briefing yesterday in Abuja said the figure was, however, a 1.63 per cent point lower compared to February, 2021 (17.33) per cent.

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Dr Harry stated that the composite food index rose by 17.11 per cent, a decrease of 4.68 per cent when compared to 21.79 per cent recorded in February, 2021.

He said the rise in the food index was caused by increases in prices of bread and cereals, food products, potatoes, yam and other tubers, oils and fats and fruits.

“On a 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.   For all items less farm produce or core inflation, a 14.01 per cent was recorded,” Harry said.

He said the highest increases in the commodity 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.

Also, urban inflation rate increased by 16.25 per cent, year-on-year from 17.92 per cent recorded in February, 2021 while 1.65 per cent.

“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.

Meanwhile, Nigeria’s foreign trade deficit reduced to N173bn in the fourth quarter of 2021, a N2.8trn reduction from what was recorded in the previous quarter.

The total trade stood at N11,707trn with exports valued at N5,766trn and imports valued at N5,940trn which recorded a negative trade balance of N173.96 billion.