Nigeria Inflation Climbs to 15.7% on Energy-induced Pressures

Nigeria inflation in February 2022 increased by 10 basis points (bps) to 15.7%, reflecting a 14bps jump in core inflation to 14.0% (the paciest climb since April 2017).

The core inflationary pressures mirrored the recent surge in the cost of energy-related products.

Specifically, energy inflation touched a 56-month high of 13.1%, driven by a prolonged period of fuel scarcity and higher AGO & aviation fuel prices.

Elsewhere, food inflation was relatively stable at 17.1% in the absence of any food-related shock.