Nigeria’s inflation rate rises to 15.70%

Report published by the National Bureau of Statistics revealed that the Consumer Price Index (CPI) which measures inflation, increased to 15.70 percent in February 2022 from 15.60 percent reported in January 2022.

Year on year, this is 1.63 percent points lower compared to the rate recorded in February 2021 (17.33) percent. This means that the headline inflation rate slowed down in February when compared to the same month in the previous year.

Increases were recorded in all Classification of Individual Consumption by Purpose (COICOP) divisions that yielded the Headline index. On month-on-month basis, the Headline index increased to 1.63 percent in February 2022, this is 0.16 percent rate higher than the rate recorded in January 2022 (1.47) percent.

The percentage change in the average composite CPI for the twelve months period ending February 2022 over the average of the CPI for the previous twelve months period was 16.73 percent, showing 0.14 percent point from 16.87 percent recorded in January 2022.

The urban inflation rate increased to 16.25 percent (year-on-year) in February 2022 from 17.92 percent recorded in February 2021, while the rural inflation rate increased to 15.18 percent in February 2022 from 16.77 percent in February 2021.

Source: Nigeria’s inflation rate rises to 15.70% – StocksWatch (stocksng.com)

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