Nigeria’s headline inflation increased in February to 21.91%, says NBS

The National Bureau of Statistics (NBS) on Wednesday disclosed that Nigeria’s headline inflation rose by 10basis points in February to 21.91per cent from 21.82per cent reported in January 2023.

The bureau in its “Consumer Price Index” report said on a year-on-year basis, the headline inflation rate was 6.21per cent points higher compared to the rate recorded in February 2022, which was 15.70 per cent.

According to NBS, it 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 report stated that the contributions of items on a class basis to the increase in the headline index are: bread and cereal (21.67 per cent), actual and imputed rent (7.74 per cent), potatoes, yam and other tubers (6.06 per cent), vegetable (5.44 per cent) and meat (4.78 per cent).

“On a month-on-month basis, the percentage change in the All-Items Index in February 2023 was 1.71per cent, which was 0.16 per cent points lower than the rate recorded in January 2023 (1.87 per cent). This means that in February 2023, on average, the general price level was 0.16 per cent 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 twelve months period was 19.87 per cent, showing a 3.15 per cent points increase compared to 16.73 per cent recorded in February 2022.

“The increases were recorded in all COICOP divisions that yielded the headline index,” the reported  added. 

The report stated that on a year-on-year basis, the urban inflation rate in February 2023 was 22.78per cent. This was 6.53per cent points higher compared to the 16.25pe cent recorded in February 2022.

“On a month-on-month basis, the urban inflation rate was 1.85per cent in February 2023, this was 0.13per cent points lower compared to January 2023 (1.98per cent). The corresponding 12-month average for the urban inflation rate was 20.45per cent in February 2023.

“This was 3.16per cent points higher compared to the 17.29per cent reported in February 2022,” according to the NBS report.