Nigeria inflation rises to 21.91%

Nigeria inflation rate has risen to 21.91%, compared to January 2023 inflation rate which was 21.82%.

The percentage represents a 0.09% point increase.

This was disclosed in a recent Consumer Price Index report by the National Bureau of Statistics on Wednesday.

The rise in the inflation rate followed the naira crisis across the country and uncertainties relating to the just concluded presidential election.

The NBS said the rise in food inflation was caused by increase in prices of oil and fat, fish, meats, vegetable, yam and other tubers, bread and cereals, and other foods.

“Looking at the trend, the February 2023 inflation rate showed an increase of 0.09 percentage points when compared to January 2023 headline inflation rate.

“Similarly, on a year-on-year (YoY) basis, the headline inflation rate was 6.21 percentage points higher com

compared to the rate recorded in February 2022, which was 15.7 percent .

“This shows that the headline

inflation rate (YoY 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 percent), potatoes, yam and Other tubers (6.06 percent), vegetable. (5.44 percent) and meat (4.78 percent).

“On a month-on-month (MoM)  basis, the percentage change in the All-Items Index in February 2023

was 1.71 percent, which was 0.16 percentage points lower than the rate recorded in January 2023 (1.87 percent). “This means that in February 2023, on average, the general price level was 0.16 percent lower relative to January 2023.

“The increases were recorded in all COICOP divisions that yielded the headline index.”

On food inflation, the bureau said: “The food inflation rate in February 2023 was 24.35 percent on YoY basis; which was

7.24 percentage points higher compared to the rate recorded in February 2022 (17.1 percent).

“The rise in food inflation was caused by increases in prices of oil and fat, bread and cereals, pota

toes, yam and other tubers, fish, fruits, meat, vegetable, and food products.

“On MoM basis, the food inflation rate in February 2023 was 1.9 percent, which was 0.18% points lower compared to the rate recorded in January 2023 (2.08 percent). “