Nigeria Inflation February 2022


Nigeria: Inflation inches up in February

March 17, 2022

Consumer prices rose 1.63% in February, up from January’s 1.47%. The uptick was driven by a stronger rise in food prices, while prices for housing, water, electricity, gas and other fuels as well as clothing and footwear increased at a slightly quicker pace.

Inflation in February inched up to 15.7% from January’s 15.6%. Annual average inflation eased to 16.8% in February from 16.9% in January. Lastly, core inflation, which excludes volatile agricultural produce, came in at 13.9% in February, matching January’s result.

Analysts at the EIU added:

“Foreign-exchange controls on imported goods and conflict in the Middle Belt—Nigeria's breadbasket—will keep inflation structurally high and above the 9% target ceiling throughout the forecast period. The annual average rate will drop to 13.7% in 2022, from 17% in 2021, reflecting greater currency stability, but will be kept high by an electricity tariff increase and insufficient control over money supply growth by the CBN, which is engaged in various direct lending initiatives.”

FocusEconomics Consensus Forecast panelists expect inflation to average 13.6% in 2022, which is unchanged from last month’s forecast. In 2023, inflation is seen averaging 11.8%.


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Nigeria Inflation Chart

Nigeria Inflation February 2022

Note: Month-on-month and year-on-year changes of consumer price index in %.
Source: National Bureau of Statistics (NBS) and FocusEconomics calculations.

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