TUE 15 MARCH, 2022-theGBJournal| Nigeria’s headline inflation rose marginally in February 2022 to 15.70 percent on year-on-year, compared to January figure of 15.6%, according to data published today by the National Bureau of Statistics.
On month on month 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.
Food inflation however moderated by 17.11 percent y-on-y in February from 17.13% recorded in January. On month-on-month basis, the food sub-index increased to 1.87 percent in February 2022, up by 0.25 percent points from 1.62 percent recorded in January 2022. The average annual rate of change of the Food sub-index for the twelve-month period ending February 2022 over the previous twelve-month average was 19.69 percent, 0.40 percent points from the average annual rate of change recorded in January 2022 (20.09).
Food inflation on a year-on-year basis was highest in Kogi (21.04%), Enugu (20.31%) and Kwara (20.03%), while Sokoto (13.89%), Anambra (14.18%) and Bauchi (14.43%) recorded the slowest rise in year-on-year food inflation.
On month-on-month basis however, February 2022 food inflation was highest in Nasarawa (3.10%), Ekiti (2.96%) and Sokoto 2.81%), while Akwa Ibom and Anambra (1.35%), Benue (1.37%) recorded the slowest rise on month-on-month inflation with Zamfara (0.00%) recording no change.
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.
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.
Urban inflation rate also 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.
On a month-on-month basis, the urban index rose to 1.65 percent in February 2022, up by 0.12 the rate recorded in January 2022 (1.53) percent, while the rural index also rose to 1.61 percent in February 2022, up by 0.19 the rate that was recorded in January 2022 (1.42) percent.
The twelve-month year-on-year average percentage change for the urban index is 17.29 percent in February 2022. This is lower than 17.44 percent reported in January 2022, while the corresponding rural inflation rate in February 2022 is 16.18 percent which is lower to 16.31 percent recorded in January 2022.
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