Nigeria’s inflation hits 21.9% in Feb, 2023 – NBS

The National Bureau of Statistics (NBS) on Wednesday released the Consumer Price Index (CPI) which measures inflation with the index hitting 21.9 per cent in the month of February.

The February 2023 inflation rate showed an increase of 0.09 per cent points when compared to the January 2023 headline inflation rate.

Similarly, on a year-on-year basis, the headline inflation rate was 6.21 percentage points higher when compared to the rate recorded in February 2022, which was 15.70 per cent.

This shows that the headline inflation rate (year-on-year basis) increased in February 2023 when compared to the same month in the preceding year.

According to the Report, “In February 2023, the headline inflation rate rose to 21.91 per cent compared to January 2023 headline inflation rate which was 21.82 per cent. Looking at the trend, the February 2023 inflation rate showed an increase of 0.09 percent points when compared to January 2023 headline inflation rate.

“Similarly, on a year-on-year basis, the headline inflation rate was 6.21 per cent points higher compared to the rate recorded in February 2022, which was 15.70 per cent.

“This shows that the headline inflation rate (year-on-year basis) increased in February 2023 when compared to the same month in the preceding year (i.e., February 2022).

“The contributions of items on a class basis to the increase in the headline index are presented, thus: Bread and Cereal (21.67 per cent), Actual and Imputed Rent (7.74 per cent), Potatoes, Yam and Other Tubers (6.06 per cent), Vegetable (5.44 per cent) and Meat (4.78 per cent).

“On a month-on-month basis, the percentage change in the All-Items Index in February 2023 was 1.71 per cent, which was 0.16 per cent points lower than the rate recorded in January 2023 (1.87 per cent). This means that in February 2023, on average, the general price level was 0.16 per cent lower relative to January 2023.”

The NBS Report further stated that Food Inflation was 24.35 per cent in February 2023 from 24.32 per cent in January 2023, adding that urban inflation was 22.78 per cent while rural Inflation was 21.10 per cent.