Again, Nigeria’s Inflation Rate Rises To 21.91% -NBS

Nigeria’s inflation has once again risen to 21.91 percent in February 2023, from it’s lower rate of 21.82 percent recorded in January 2023.

This was contained in the Consumer Price Index (CPI) report released by the National Bureau of Statistics (NBS) on Wednesday, February 15, 2023.

NBS 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 when compared to January 2023 headline inflation rate.

“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%.

“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 Bureau 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%).

It said, 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%). This means that in February 2023, on average, the general price level was 0.16% lower relative to January 2023.

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