Nigeria’s consumer price index (CPI) increased to 15.70 per cent in February, 2022 on year-on-year basis as compared to 15.60 per cent in January.
This was revealed by the National Bureau of Statistics (NBS) on Wednesday. The increase on the CPI was recorded despite the fuel scarcity, high transportation cost and nationwide blackout.
Speaking on the development, Statistician General of the Federation (SG), Dr Simon Harry, while commenting on the development, said that the February rate was 1.63 per cent points lower compared to the rate recorded in February 2021 (17.33) per cent.
“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 Consumption According to Purpose (COICOP) divisions that yielded the headline index. On month-on-month basis, the headline index increased to 1.63 per cent in February 2022.
“This is 0.16 per cent rate higher than the rate recorded in January 2022 (1.47) per cent. 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 per cent, showing 0.14 per cent point from 16.87 per cent recorded in January 2022.
“The urban inflation rate increased to 16.25 per cent (year-on-year) in February 2022 from 17.92 per cent 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,” he said.
According to the SG, the rise in food inflation was a combination of many factors which include increases in bread and cereals; food product, potatoes, yam and other tubers.
Meanwhile, the NBS has said the nation’s total foreign trade stood at N11,707.20 billion during the fourth quarter of 2021, thus recording a negative trade balance of N173. 96 billion.
According to the bureau, while exports trade value was N5,766.62 billion and imports trade was N5,940.58 billion, the nation recorded a negative trade balance of N173.96 billion.
The Statistician General of the Federation, yesterday in Abuja, Nigerian exports trade was mainly dominated by crude oil with N4,269.36 billion (74.04 per cent) in the fourth quarter of 2021, while imports were mainly motor spirit, valued at N1,443.91 (24.31 per cent).
Also, major imports came from China with 27.82 per cent of total imports, while India was Nigeria’s major exports destination, representing 15.17 per cent of total exports.
“The value of agricultural imports grew by 38.35 percent in Q4, 2021 compared to the value recorded in Q3, 2021 and it also increased by 118.51 per cent than the value recorded in the corresponding quarter of 2020.
“Annual growth shows that the value of agricultural imports was 71.76 percent higher in 2021 than the value recorded in 2020,” Harry added.
