The consumer price index (CPI), which measures the rate of change in prices of goods and services in the country, rose to 21.91% in February 2023, up from 21.82 % in the previous month.
The inflation rate details is contained the latest CPI report released on Wednesday by the National Bureau of Statistics (NBS).
The report, seen by BUSINESS METRICS, shows that rising cost of food items was a major culprit responsible for the spike in inflation seen in the month.
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 yearly headline inflation rate increased in February 2023 when compared to the same month of 2022.
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%).
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.
Meanwhile, 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%, showing a 3.15% increase compared to 16.73% recorded in February 2022.
Food Index
The food inflation rate in February 2023 was 24.35% on a year-on-year basis; which was 7.24% points higher compared to the rate recorded in February 2022 (17.11%).
The agency explained that the rise in food inflation was caused by increases in prices of Oil and Fat, Bread and Cereals, Potatoes, Yam and other Tubers, Fish, Fruits, Meat and Vegetable.
On a month-on-month basis, the food inflation rate in February was 1.90%, which was 0.18% points lower compared to the rate recorded in January 2023 (2.08%).
The average annual rate of food inflation for the twelve-months ending February over the previous twelve-months average was 22.12%, which was a 2.44% points increase from the average annual rate of change recorded in February 2022 (19.69%).
Urban Inflation
According to the NBS report, on a yearly basis, the urban inflation rate in February 2023 was 22.78%, this was 6.53% points higher compared to the 16.25% recorded in February 2022. On a month-on-month basis, the urban inflation rate was 1.85% in February 2023, this was 0.13% points lower compared to January 2023 (1.98%).
The corresponding twelve-months average for the urban inflation rate was 20.45% in February 2023. This was 3.16% points higher compared to the 17.29% reported in February 2022.
Rural Inflation
The report added that the rural inflation rate in February stood at 21.10% on a year-on-year basis; 5.92% points higher compared to the 15.18% recorded in February 2022. On a month-on-month basis, the rural inflation rate in February 2023 was 1.58%, down by 0.19% points compared to January 2023 (1.77%).
Meanwhile, the corresponding twelve-months average for the rural inflation rate in February 2023 was 19.33%. This was 3.15% points higher compared to the 16.18% recorded in February 2022.
