Nigeria’s Inflation Rate Hits 15.70% As Fuel Scarcity Looms

The National Bureau of Statistics (NBS) on Tuesday reported that Nigeria’s inflation rate has risen to 15.70 percent amid the biting fuel scarcity.

Naija News reports that this was made known by the NBS in its Consumer Price Index (CPI) report for February 2022 released today.

The consumer price index, which measures the rate of increase in the price of goods and services, rose to 15.70 percent year-on-year in February 2022.

It was gathered from the report that the headline inflation rate slowed down in February when compared to the same month in the previous year.

The rate is 1.63 percent points lower compared to the rate recorded in February 2021 (17.33) percent.