Headline inflation rate rose to 21.91 percent in February 2023 compared to 21.82 percent recorded in the preceding month of January.
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The National Bureau of Statistics (NBS), which released the data on Wednesday said looking at the trend, the February 2023 inflation rate showed an increase of 0.09 percent points when compared to January 2023 headline inflation rate.
Similarly, on a year-on-year basis, the headline inflation rate was 6.21 percent 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 of February 2022.
The NBS explained that “the contributions of items on a class basis to the increase in the headline index are presented, thus: Bread and Cereal, 21.67 percent; Actual and Imputed Rent, 7.74 percent; Potatoes, Yam and other Tubers, 6.06 percent; Vegetable, 5.44 percent and Meat, 4.78 percent”.
According to the NBS, 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 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.
The percentage change in the average Consumer Price Index (CPI) for the 12 months period ending February 2023 over the average of the CPI for the previous 12 months period was 19.87 percent, showing a 3.15 percent points increase compared to 16.73 percent recorded in February 2022.
The NBS added that increases were recorded in all COICOP divisions that yielded the headline index.
The NBS stated that urban inflation rate on a year-on-year basis in February 2023 was 22.78 percent; this was 6.53 percent points higher compared to the 16.25 percent recorded in February 2022.
However, on a month-on-month basis, the urban inflation rate was 1.85 percent in February 2023; this was 0.13 percent points lower compared to 1.98 percent in January 2023.
The corresponding 12 months average for the urban inflation rate was 20.45 percent in February 2023. This was 3.16 percent points higher compared to the 17.29 percent reported in February 2022.
Also, the rural inflation rate in February 2023 was 21.10 percent on a year-on-year basis; this was 5.92 percent points 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, down by 0.19 percentage points compared to 1.77 percent in January 2023.
The NBS noted that the corresponding 12-month average for the rural inflation rate in February 2023 was 19.33 percent, showing 3.15 percentage points higher compared to the 16.18 percent recorded in February 2022.
The food inflation rate in February 2023 was 24.35 percent on a year-on-year basis; which was 7.24 percent points higher compared to the 17.11 percent recorded in February 2022.
The NBS attributed the rise in food inflation to “increases in prices of Oil and Fat, Bread and Cereals, Potatoes, Yam and Other Tubers, Fish, Fruits, Meat, Vegetable, and Food Products n.e.c”.
On a month-on-month basis, the food inflation rate in February 2023 was 1.90 percent, which was 0.18 percentage points lower compared to the 2.08 percent recorded in January 2023.
The average annual rate of food inflation for the 12 months ending February 2023 over the previous 12 months’ average was 22.12 percent, which was a 2.44 percentage points increase from the 19.69 percent average annual rate of change recorded in February 2022.
The NBS further stated that 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; up by 4.83 percent when compared to the 14.01 percent recorded in February 2022.
“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, Solid Fuel, etc”, the NBS stated.
On a month-on-month basis, the core inflation rate was 1.06 percent in February 2023; it stood at 1.82 percent in January 2023, down by 0.76 percentage points.
The average 12 months 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.
“All items inflation rate in February 2023, on a year-on-year basis, was highest in Bauchi 24.59 percent, Rivers 24.40 percent, and Ondo 24.27 percent, while Sokoto 18.90 percent, Borno 18.94 percent and Cross River 19.62 percent recorded the slowest rise in headline year-on-year inflation.
“On a month-on-month basis, however, February 2023 recorded the highest increases in Edo with 2.76 percent, Ogun 2.64 percent, and Yobe 2.36 percent, while Bayelsa 0.74 percent, Borno 0.95 percent and Taraba 1.03 percent recorded the slowest rise on month-on-month inflation”, the NBS explained.
In February 2023, food inflation on a year-on-year basis was highest in Kwara with 29.51 percent, Imo at 27.47 percent, and Lagos 27.42 percent, while Sokoto recorded 18.54 percent, Jigawa 19.67 percent and Yobe 21.89 percent recorded the slowest rise on year-on-year food inflation.
On a month-on-month basis, however, February 2023 food inflation was highest in Yobe with 3.15 percent, Edo 3.03 percent, and Ogun 2.90 percent, while Rivers 0.75 percent, Sokoto 0.89 percent and Nassarawa 0.90 percent recorded the slowest rise on month-on-month inflation.
