Fuel Scarcity: Nigeria’s Inflation Rate Increases To 15.70%
Nigeria’s inflation rate has surged to 15.70 percent, according to the National Bureau of Statistics (NBS), following a severe gasoline shortage.
The NBS disclosed this in its Consumer Price Index (CPI) data for February 2022, which was issued today.
In February 2022, the consumer price index, which regulates the percentage of rise in the cost of goods and services, increased by 15.70 percent year over year.
When compared to the same month the previous year, inflation dropped in February.
The rate is 1.63 percentage, which points lower than the February 2021 rate of 17.33 percent.