The high cost of food and fuel has pushed Nigeria’s inflation rate from 21.82% in January 2023 to 21.91% in February 2023, according to the National Bureau of Statistics (NBS).
In its document titled: “Consumer Price Index February 2023,” the Bureau noted that the rate soared by 0.09% compared to the previous month of January.
The report said: “In February 2023, the headline inflation rate rose to 21.91% compared to January 2023 headline inflation rate which was 21.82%. Looking at the trend, the February 2023 inflation rate showed an increase of 0.09% points compared to January 2023 headline inflation rate.”
NBS further noted that similarly, on a year-on-year basis, the headline inflation rate was 6.21% points higher compared to the rate recorded in February 2022, which was 15.70%.
That, said the document, shows that the headline inflation rate (year-on-year basis) increased in February 2023 compared to the same month in the preceding year (i.e February 2022).
Stressing that the rise in the cost of foods was responsible for the rise in the rate, NBS said “the contributions of items on a class basis to the increase in the headline index are presented, thus: Bread and Cereal (21.67%), Actual and Imputed Rent (7.74%), Potatoes, Yam and Other Tubers (6.06%), Vegetable (5.44%) and Meat (4.78%).”
The document, however, noted that on a month-on-month basis, the percentage change in the All-Items Index in February 2023 was 1.71%, which was 0.16% points lower than the rate recorded in January 2023 (1.87%).
That means in February 2023, on average, the general price level was 0.16% lower relative to January 2023.
It said in terms of “All items less farm produce” or Core inflation, which excludes the prices of volatile agricultural produce stood at 18.84% in February 2023 on a year-on-year basis; up by 4.83% compared to the 14.01% recorded in February 2022.
The NBS added: “The highest increases were recorded in prices of Gas, Passenger Transport by Air, Liquid Fuel, Fuels, and Lubricants for Personal Transport Equipment, Vehicles Spare Parts, Solid Fuel, etc.”
It further noted that on a month-on-month basis, the core inflation rate was 1.06% in February 2023. It stood at 1.82% in January 2023, down by 0.76% points.
The average twelve-month annual inflation rate was 16.92% for the twelve months ending February 2023; this was 3.46% points higher than the 13.46% recorded in February 2022.