“This means that in the month of February 2022 the general price level was 15.7 per cent higher than in February 2021,” says the GSS.
The increase is 1.8 percentage points higher than the 13.9 per cent recorded in January 2022. Month-on-month inflation between January 2022 and February 2022 was 2.4 per cent.
Three Divisions (Housing, Water, Electricity, Gas and Other Fuels, Transport and Food and Non-Alcoholic Beverages) recorded inflation rates above the national average of 15.7 per cent with Housing, Water, Electricity, Gas and other Fuels (25.4 per cent) recording the highest inflation, the GSS said.
This is the seventh time in a row that the country’s inflation has been on continuous rise, largely driven by high food prices.
According to the GSS, food inflation for February 2022 was 17.4 per cent, indicating 2.9 percentage point inflation higher than non-inflation, which is 14.5 per cent.
Food inflation for February 2022 recorded a 3.7 percentage point increase compared to January 2022, it said, adding that food inflation for February 2022 recorded a 6.6 percentage point increase relative to the average over the last 12-month March 2021 to February 2022.
Non-food inflation for February 2022, however, recorded a 0.4 percentage point increase compared to January 2022
Non-food inflation for February 2022 recorded a 3.8 percentage point increase in relative to the average over the last 12-month March 2021 to February, 2022, the GSS said.
“Month-on-Month food inflation (3.2%) surpassed non-food inflation (1.7%) by 1.5 percentage points variation in locally produced items (16.7 per cent) and imported items (12.9 per cent) for January 2022 was 3.8 percentage points,” it said.
By Emmanuel K. Dogbevi