Nigerian Inflation down by 1.63% (Y-on-Y), Food Inflation Soar

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CEM REPORT | The rate of Nigerian inflationary pressure has continued to ease with the 2022 February increase stepping down by 1.63 percent points having increased by 15.70 percent on year-on-year basis from 17.33 percent in February 2021

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 COICOP divisions that yielded the Headline index.

However, On month-on-month basis, the Headline index increased to 1.63 percent in February 2022, this is 0.16 percent rate higher than the 1.47 percent increase recorded in January 2022.

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 percent, showing 0.14 percent point from 16.87 percent recorded in January 2022.

Urban inflation rate 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 composite food index rose by 17.11 percent in February 2022 compared to 21.79 percent in February 2021.

This rise in the food index was caused by increases in prices of Bread and cereals, Food product n.e.c, Potatoes, yam and other tuber, Oils and fats and fruit.

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.

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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) percent.

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 n.e.c.

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.

States Inflation

All Items Inflation

In February 2022, all items inflation on year-on-year basis was highest in Cross River (18.84%), Gombe (17.70%) and Abuja (17.68%), while Kwara (13.82%), Sokoto (13.93%) and Anambra (14.43%) recorded the slowest rise in headline year-on-year inflation.

On month-on-month basis however, February 2022, recorded the highest increases in Adamawa (2.75%), Cross River (2.61%) and Enugu (2.40%), while Zamfara (0.16%), Akwa Ibom (1.09%) and River (1.14%) recorded the slowest rise on month-on-month inflation.

Food Inflation

In February 2022, 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.

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