APA – Lagos (Nigeria)
Nigeria’s National Bureau of Statistics (NBS) has announced that the country’s headline inflation rate increased to 21.91 percent in February 2023.
The monthly report of ‘the Consumer Price Index (CPI), which measures inflation released on Wednesday in Abuja by the NBS, showed that the February figure increased by 0.09 percent over 21.82 percent inflation rate recorded in January this year,
According to the NBS, on a year-on-year basis, the headline inflation rate was 6.21 per cent points higher than 15.70 percent recorded in February 2022.
It explained that the headline inflation rate (year-on-year basis) increased in February 2023 when compared to the same month in the preceding year of February 2022.
It added that the 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%) were among the items responsible for the increase in the headline index.
The NBS noted that on a month-on-month basis, the percentage change in the All-Items Index in February 2023 was 1.71 percent, which was 0.16 percent 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 percentage change in the average CPI for the twelve months period ending February 2023 over the average of the CPI for the previous 12 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,” the NBS said.
GIK/APA
Nigeria’s inflation rate for February rises to 21.91%
