The National Bureau of Statistics (NBS), says Nigeria’s headline inflation rate increased to 21.91 per cent on a year-on-year basis in February 2023.
This is according to the NBS Consumer Price Index (CPI) and Inflation Report for February 2023 released in Abuja on Wednesday.
According to the report, the figure is 6.21 per cent points higher compared to the 15.70 per cent recorded in February 2022.
It said on a month-on-month basis, the Headline inflation rate in February 2023 was 0.09 per cent higher than the rate recorded in January 2023 at 21.82 per cent.
The report said the increase in the inflation rate was largely attributed to the rise in Bread and Cereal at 21.67 per cent.
“Actual and Imputed Rent at 7.74 per cent, potatoes, yam and other tubers at 6.06 per cent, vegetables at 5.44 per cent, and meat at 4.78 per cent.’’
The percentage change in the All-Items Index in February 2023 was 1.71 per cent on a month-on-month basis.
“This indicates a 0.16 per cent decrease compared to the 1.87 per cent recorded in January 2023.
” This means that in February 2023, on average, the general price level was 0.16 per cent lower relative to January 2023.”
It said the percentage change in the average CPI for the 12 months ending February 2023 over the average of the CPI for the previous 12 months period was 19.87 per cent.
“This indicates a 3.15per cent increase compared to the 16.73 per cent recorded in February 2022.’’
