The National Bureau of Statistics (NBS) says the country’s inflation rate rose to 21.91 percent in February 2023
compared to 21.82 percent of January 2023, indicating an increase of 0.09 percent points.
The bureau disclosed this in its report titled ‘Consumer Price Index (February 2023)’ made available to on Wednesday.
The rise in the inflation rate followed the naira crisis across the country and uncertainties relating to the just
concluded presidential election.
it stated, “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.”
“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 report stated.
“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%).”
“This means that in February 2023, on average, the general price level was 0.16% percent lower relative to January 2023.
“The percentage change in the average CPI for the twelve months period ending February 2023 over the average of the CPI
for the previous twelve months period was 19.87%, showing a 3.15% points increase compared to 16.73% recorded in
February 2022. The increases were recorded in all COICOP divisions that yielded the headline index.”