Nigeria’s Inflation Surges To 21.91%
Nigeria’s inflation has increased by a 0.09% point increase in February as compared to January 2023.
Naija News reports that while the inflation rate recorded in January 2023 was 21.82%, the latest has risen to 21.91%.
The new development was contained in a recent Consumer Price Index (CPI) report by the National Bureau of Statistics (NBS) on Wednesday.
The reports revealed that the increase between January and now in the country’s inflation rate represents a 0.09% point surge.
The NBS report said the rise in food inflation was caused by increases in prices of oil and fat, fish, meats, vegetable, yam and other tubers, bread and cereals, and other foods.
This development follows the ongoing cash crunch being experienced across the federation.
The new rate is the second consecutive rise in the country’s inflation figure this year, as Nigerians struggle to access cash for their daily needs.
The report stated that “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).”
The agency disclosed that there was a surge recorded in all Individual Consumption by Purpose (COICOP) divisions that yielded the headline index.
The report noted that the contributions of items on a class basis to the increase in the headline index are 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%).
It also revealed that “On a month-on-month basis, the percentage change in the All-Items Index in February 2023 was 1.71 per 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 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.”