The latest report by the National Bureau of Statistics (NBS) shows that inflation rates increased by 0.1% in February 2022.
The 0.1% jump in inflation rate from 15.6% in January to 15.7% in February was as a result of an increase in fuel and gas prices, which in turn heightened the prices of food and commodities. Fuel shortages started in February after NNPC imported 170.25litres of adulterated fuel from suppliers in Europe.
Another factor that influenced the increase in inflation rate was the Nigerian government’s decision to restrict foreign exchange supplies of items, as a shortage in dollars persisted. This restriction of supplies forced a scarcity of items in circulation thereabout increasing the selling price.
With higher inflation rates, Nigerians would see an increase in everyday commodities. As fuel scarcity fades, projections are that the cost of food, transportation and other commodities might be regulated. If not, analysts say that inflation rates might clock 15.90% by the end of 2022 first quarter.