Nigeria’s inflation rate increased in February after falling in January, as Africa’s most populous country faces fuel shortages, which have contributed to higher prices.
The country’s statistics office announced on Tuesday that the consumer price index (CPI) increase between February 2021 and February 2022 was 15.70%, up from 15.60% in January.
The National Bureau of Statistics (NBS) reported that consumer prices, as measured by the Consumer Price Index, fell 1.63 percentage points lower than in February 2021. (17.33 per cent).
According to the NBS, the rise in the food index was caused by price increases in bread and cereals, food products, potatoes, yam and other tubers, oils and fats, and fruit.
“The percentage change in the average composite CPI for the 12 months ending February 2022 over the average of the CPI for the previous twelve months period was 16.73%, up from 16.87% in January 2022,” the statistics office stated in its report.
Nigeria has been experiencing fuel shortages since February as a result of substandard fuel imports, resulting in weeks of severe scarcity and long lines at filling stations. As a result of the shortage, transportation costs have risen, affecting goods and commodities.
Africa’s largest oil producer is almost entirely reliant on imported fuel due to the lack of functional refineries.
