Inflation Hits 21.91%, As Nigerians Pay More For Bread, Yam, Others

Inflation Hits 21.91%, As Nigerians Pay More For Bread, Yam, Others

1 year ago
1 min read

The National Bureau of Statistics has revealed that Nigeria’s headline inflation hit 21.91 per cent in February 2023 on the back of a hike in Yam, Bread and Meat prices.

According to the Consumer Index Price (CPI) for February 2023, released on Wednesday, 15 March 2023, Nigeria’s inflation soared to 21.91 per cent in February, up from the 21.82 per cent reported in January this year, indicating an increase of 0.09 per cent points. 

“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),” NBS said. 

It was gathered that Bread and Cereal, Actual and Imputed Rent, Potatoes, Yam and Other Tubers, Vegetable and Meat were drivers of the inflation rate for last month. 

In the month in review, the food inflation rate was 24.35 per cent on a year-on-year basis, which was
7.24 per cent points higher compared to the 17.11 per cent reported in 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,” NBS said.


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