Nigeria’s February Inflation Rate Increases by 15.70%
Written by News Room on March 16, 2022
Nigeria’s consumer price index, (CPI) which measures inflation has increased to 15.70 per cent for the month of February.
This is according to the National Bureau of Statistics, which disclosed this in their CPI and Inflation Report on Tuesday.
The report states that the 1.63 per cent points lower compared to the rate recorded in February 2021 (17.33) per cent indicates that the headline inflation rate slowed down in February when compared to the same month in the previous year.
Also detailed in the report, were increases in all COICOP divisions that yielded the Headline index. On a month-on-month basis, the Headline index increased to 1.63 per cent in February 2022, this is a 0.16 per cent rate higher than the rate recorded in January 2022 (1.47) per cent.
Concerning the urban inflation rate, an increase to 16.25 per cent (year-on-year) in February 2022 from 17.92 per cent was recorded in February 2021, while the rural inflation rate increased to 15.18 per cent in February 2022 from 16.77 per cent in February 2021.