Nigeria’s inflation rate hits 21.91 in February 2023 – NBS

The National Bureau of Statistics (NBS), says Nigeria’s headline inflation rate increased to 21.91 percent 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 percent points higher compared to the 15.70 percent recorded in February 2022.

It said on a month-on-month basis, the Headline inflation rate in February 2023 was 0.09 percent higher than the rate recorded in January 2023 at 21.82 percent.

The report said the increase in the inflation rate was largely attributed to the rise in Bread and Cereal at 21.67 percent.

“Actual and Imputed Rent at 7.74 percent, potatoes, yam and other tubers at 6.06 percent, vegetables at 5.44 percent, and meat at 4.78 percent.’’

The percentage change in the All-Items Index in February 2023 was 1.71 percent on a month-on-month basis.

“This indicates a 0.16 percent decrease compared to the 1.87 percent recorded in January 2023.

” This means that in February 2023, on average, the general price level was 0.16 percent 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 percent.

“This indicates a 3.15per cent increase compared to the 16.73 percent recorded in February 2022.’’

It said increases were recorded in all Classification of Individual Consumption by Purpose (COICOP) divisions that yielded the headline index.

The report said the food inflation rate in February 2023 was 24.35 percent on a year-on-year basis, which was 7.24 percent higher compared to the rate recorded in February 2022 at 17.11 percent.

“The rise in food inflation is caused by increases in prices of bread and cereals, potatoes, yams and other tubers, and oil and fat, fish, vegetable, fruits, meat, and food products .’’

It said on a month-on-month basis, the food inflation rate in February was 1.90 percent, which was a 0.18 percent drop compared to the rate recorded in January 2023 at 2.08 percent.

The report said the “All items less farm produce’’ or Core inflation, which excludes the prices of volatile agricultural produce stood at 18.84 percent in February 2023 on a year-on-year basis.

“This increased by 4.83 percent compared to 14.01 percent recorded in February 2022.’’

On a month-on-month basis, the core inflation rate was 1.06 percent in February 2023, which was a 0.76 percent drop compared to what it stood at in January 2023 at 1.82 percent.

According to the report, 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, and solid fuel, among others.

“The average 12-month annual inflation rate was 16.92 percent for the 12 months ending February 2023, this was 3.46 percent points higher than the 13.46 percent recorded in February 2022.”

The report said on a year-on-year basis in February 2023, that the urban inflation rate was 22.78 percent, which was 6.53 percent higher compared to the 16.25 percent recorded in February 2022.

“On a month-on-month basis, the urban inflation rate was 1.85 percent in February 2023, representing a 0.13 percent decrease compared to January 2023 at 1.98 percent.’’

It said the corresponding 12-month average for the urban inflation rate was 20.45 percent in February 2023.

“This was 3.16 percent higher compared to the 17.29 percent reported in February 2022.’’

The report said on a year-on-year basis in February 2023, the rural inflation rate was 21.10 percent, which was 5.92 percent higher compared to the 15.18 percent recorded in February 2022.

“On a month-on-month basis, the rural inflation rate in February 2023 was 1.58 percent, which decreased by 0.19 percent compared to January 2023 at 1.77 percent.’’

It said the corresponding 12-month average for the rural inflation rate in February 2023 was 19.33 percent, which was 3.15 percent higher compared to the 16.18 percent recorded in February 2022.

On states’ profile analysis, the report showed in February 2023, all items inflation rate on a year-on-year basis was highest in Bauchi at 24.59 percent, followed by Rivers at 24.40 percent, and Ondo at 24.27 per cent.

It, however, said the slowest rise in headline year-on-year inflation was recorded in Sokoto at 18.90 percent, followed by Borno at 18.94 percent, and Cross River at 19.62 percent.

The report, however, said in February 2023, all items inflation rate on a month-on-month basis was highest in Edo at 2.76 percent, Ogun at 2.64 percent and Yobe at 2.36 percent.

“Bayelsa at 0.74 percent followed by Borno at 0.95 percent and Taraba at 1.03 percent recorded the slowest rise in month-on-month inflation.”

The report said food inflation in February 2023, on a year-on-year basis, was highest in Kwara at 29.51 percent, followed by Imo at 27.47 percent, and Lagos at 27.42 percent.

“Sokoto at 18.54 percent, followed by Jigawa at 19.67 percent and Yobe at 21.89 percent recorded the slowest rise on year-on-year food inflation.’’

The report, however, said on a month-on-month basis, February 2023 food inflation was highest in Yobe at 3.15 percent, followed by Edo at 3.03 percent, and Ogun at 2.90 percent.

“With Rivers at 0.75 percent, followed by Sokoto at 0.89 percent and Nasarawa at 0.90 percent recorded the slowest rise on month-on-month inflation.’’