Nigeria’s consumer price inflation index, (CPI), rose in February this year, after recording a fall in January as the nation faces fuel shortages that have helped push prices higher.
The rate of price increase between February 2021 and Feb. 2022 was 15.70% higher than the 15.60% recorded in January, the National Bureau of Statistics, (NBS), announced yesterday.
The NBS said the prices of goods and services, measured by the CPI, fell 1.63 percentage points, lower than the rate recorded in February 2021 (17.33 percent).
According to the NBS, 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.
Prices are expected to rise further amidst a global shortage made worse by the Russian invasion of Ukraine. Without functional refineries, Nigeria relies almost entirely on imported fuel.
The country’s inflation rate has been in double digits since 2016. The Central Bank of Nigeria, (CBN), which says its target range is between 6% and 9%, has for months maintained interest rate at 11.5% in a bid to boost growth following the recession in 2020.
The bank is scheduled to meet next Tuesday to set the country’s benchmark interest rates.
