Nigeria’s Consumer Price Index (CPI) an indicator of adjustments in the cost of goods and services rose to 21.91 percent in February (2023) from 21.82 percent in January of the same year.
This is according to the latest from the National Bureau of Statistics (NBS) which was released Wednesday.
Looking at the trend, the February 2023 inflation rate showed an increase of 0.09 percentage points when compared to January 2023 headline inflation rate, said the NBS.
Similarly, on a year-on-year basis, the headline inflation rate was 6.21 percentage points, higher, compared to the rate recorded in February 2022, which was 15.70 percent. 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 ( February 2022).
The contributions of items on a class basis to the increase in the headline index are presented, thus: Bread and cereals, 21.67 percent, actual and imputed rent, 7.74 percent, potatoes, yam and other tubers 6.06 percent. For vegetables it was 5.44 percent, while meat was 4.78%. 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 percentage 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 percent lower, relative to January 2023.