Nigeria’s inflation rises to 15.70% as fuel scarcity affects prices

16 Mar Nigeria’s inflation rises to 15.70% as fuel scarcity affects prices

Nigeria’s consumer price inflation rose in February as fuel shortages pushed prices higher. The rate of price increase between February 2021 and February 2022 was 15.70 per cent, higher than 15.60 per cent recorded in January, the National Bureau of Statistics, NBS, announced Tuesday.

It said the prices of goods and services, measured by the Consumer Price Index, fell 1.63 per cent points lower than the rate recorded in February 2021 (17.33 per cent).

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 fruit.

Nigeria has faced fuel shortages since February after importing substandard fuel, resulting in weeks of severe scarcity and long queues at filling stations. The shortage has seen transport cost rise, thereby affecting goods and commodities.