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Nigeria’s inflation rate has now risen to 21.91% in February.
The percentage represents a 0.09% point increase compared to January inflation rate which was 21.82%.
This was revealed in a recent Consumer Price Index (CPI) report by the National Bureau of Statistics (NBS) on Wednesday March 15, 2023.
PLATFORMTIMES observed that Nigeria inflation has been on the increase from 11.40% in 2019 to 22.91% in 2023.
The rise in the inflation is connected to the naira crisis across the country and uncertainties surrounding the presidential election.
The report showed that there was 0.16% decrease in some food prices compared to the previous month.
The report in part, “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 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%). 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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