March 15, (THEWILL) – Nigeria’s inflation rate has resumed its upward trajectory as it rose to 15.70 percent in February after recording a fall in January.
This is coming on the heels of a lingering fuel crisis, which has seen the nation battle with scarcity of petrol and high prices of diesel, kerosene and aviation fuel since the month of February.
This has helped push prices higher than expected if the situation had been normal.
Transporters and manufacturers across the country have lamented the high cost of petrol and diesel, which they cannot but pass to the final consumer by way of price increase.
The National Bureau of Statistics reported on Tuesday, that the rate of price increase between February 2021 and February 2022 was 15.70 percent, higher than 15.60 percent recorded in January.
The statistics office also said the prices of goods and services, measured by the Consumer Price Index, fell 1.63 percent points lower than the rate recorded in February 2021 (17.33 percent).
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.
Experts predict further price hike amid a global shortage, made worse by the Russian invasion of Ukraine. Without functional refineries, Africa’s largest oil producer relies almost entirely on imported fuel.
About the Author
Sam Diala is a Bloomberg Certified Financial Journalist with over a decade of experience in reporting Business and Economy. He is Business Editor at THEWILL Newspaper, and believes that work, not wishes, creates wealth.
