How prices of commodities increased inflation in February

Nigeria’s Inflation figure rose by a base point of 0.10 from the 15.60 recorded in January and according to the National Bureau of Statistics (NBS) the rise was due to an increase in the prices of s of gas, liquid fuel and other food items. But on a year-on-year the figure was 1.63 percent points […]

Nigeria’s Inflation figure rose by a base point of 0.10 from the 15.60 recorded in January and according to the National Bureau of Statistics (NBS) the rise was due to an increase in the prices of s of gas, liquid fuel and other food items.

But on a year-on-year the figure was 1.63 percent points lower compared to the rate recorded in February 2021 (17.33) percent.

In a new report released by the bureau, it said selected food price watch for February indicated that the average price of 1kg of beans (white, black eye, sold loose) rose on year-on-year basis by 50.1 percent from N 331.48 in February 2021 to N 497.54 in February. While the average price of 50g of sliced bread increased by 34.11 percent from N 326.61 in February 2021 to N438.03 in February 2022.

A 1kg Tomato increased from N269.18 in 2021  to N393.08 in February 2022 representing a 46.03 percent increase while the average price of Agric eggs increased by 2.65 percent from N58.28 in January 2022 to N59.82 in February 2022.

Similarly, the average retail price for petrol (Premium Motor Spirit) increased to N170.42 in February 2022 from N166.24 in February 2021, indicating 2.52% increase. With Kaduna state having the highest average retail price of N189.09, followed by Anambra with N184.09 and Kebbi with N180.

For diesel, its price increased to an average of 36.98 percent year-on-year from a lower cost of N227.76 per litre to a higher cost of N311.98 per litre in February 2022 and Edo State had the highest price with N373.18, followed by Oyo state with N372.38 and Plateau with N355.40.