Higher Food, Commodity Prices Drive Inflation to 21.91%

Date: 2023-03-16

The Consumer Price Index (CPI) which measures the rate of change in prices of goods and commodities increased to 21.91 per cent in February 2023, compared to 21.82 per cent in January, the National Bureau of Statistics (NBS), said yesterday.

The NBS, in its CPI report for February, which was released yesterday, attributed the 0.09 per cent increase in the headline index to an increase in the prices of food and other commodities during the review period.

Year-on-year, headline inflation 6.21 per cent higher than the 15.70per cent recorded in February 2022.

Food inflation year on year increased to 24.35 per cent in February, representing 7.24 per cent increase compared to 17.11 per cent in the corresponding month in 2022.

The rise in the food index was attributed to increases in prices of oil and fat, bread and cereals, potatoes, yam and other tubers, fish, fruits, meat, vegetable, and food products.

Month-on-month, however, food inflation slowed to 1.90 per cent, which was 0.18 per cent lower compared to 2.08 per cent in January.

On the other hand, core inflation which excludes the prices of volatile agricultural produce stood at 18.84 per cent year on year in February up by 4.83 per cent when compared to 14.01 per cent recorded in February 2022.

The rise in the core index was blamed on highest increases in prices of gas, passenger transport by air, liquid fuel, fuels, and lubricants for personal transport equipment, vehicles spare parts, and solid fuel among others.

However, on a month-on-month basis, core inflation was 1.06 per cent, down by 0.76 per cent when compared to 1.82 per cent in January.

According to the statistical agency, year-on-year, urban inflation rose to 22.78 per cent or 6.53 per cent compared to 16.25 per cent in February 2022 while month-on-month, the index dropped to 1.85 per cent in February lower than 1.98 per cent in January.

Similarly, rural inflation stood at 21.10 per cent year-on-year which was 5.92 per cent higher than the 15.18 per cent in February 2022 while month on month, the rural stood at 1.58 per cent, down by 0.19 per cent compared to 1.77 per cent in January.

At the states level, general inflation year-on-year was highest in Bauchi (24.59 per cent), Rivers (24.40 per cent), and Ondo (24.27 per cent), while Sokoto (18.90 per cent), Borno (18.94 per cent) and Cross River (19.62 per cent) recorded the slowest rise in the headline index.

Month-on-month, however, inflation was highest in Edo (2.76 per cent), Ogun (2.64 per cent), and Yobe (2.36 per cent), while Bayelsa (0.74 per cent), Borno (0.95 per cent) and Taraba (1.03 per cent) recorded the slowest rise on month-on-month inflation.

Also, year on year, food inflation was highest in Kwara (29.51 per cent), Imo (27.47 per cent), and Lagos (27.42 per cent), while Sokoto (18.54 per cent), Jigawa (19.67 per cent) and Yobe (21.89 per cent) recorded the slowest rise on year-on-year food inflation.

On a month-on-month basis, however, Yobe (3.15 per cent), Edo (3.03 per cent), and Ogun (2.90 per cent) recorded the highest increase in the food index, while Rivers (0.75 per cent), Sokoto (0.89 per cent and Nassarawa (0.90 per cent) recorded the slowest rise on prices in February.

Source

 

Cloud Tag: What's trending

Click on a word/phrase to read more about it.

Volunteers Of Ilorin Community And The Emirate     Taofeek Sanusi     Elewu     Idiagbon     Oyin-Zubair     Alabere     Abdulkadir Remi Hawawu     Ayoade Akinnibosun     Smart School     Ridwan Agboola     Ahmad Fatima Bisola     Mujtabah Bature     Bio Ibrahim     Talaka Parapo     Chemiroy Nigeria Limited     Omoniyi     Galland Marcias     Habeeb Saidu     Al-Ilory     SDP     LEAH Charity Foundation     Bureau Of Lands     Mopelola Abdulmaliq-Bashir     Kwara Consultative Forum     Akom Construction And Engineering Synergy Ltd     Mahmud Ajeigbe     Moses Rahman Popoola     Olayinka Oladapo Jogunola     New Naira Notes     Suleiman Abubakar     Ahmad Uthman     Javed Khan     Trade Lenda SME Fair     Sam Onile     Tunji Moronfoye     Igbomina     Kolo     Femi Gbajabiamila     Usman Alkali Baba     Standard Organization Of Nigeria     Muhammad Ghali Alaaya     Y.A. Abdulkareem     Yoonus Kola Olatinwo     Revenue Court     Kehinde Baale     Haruna Tambiri Mohammed     Sola Saraki Educational Foundation     Saidu Yaro Musa     Ayotunde Emmanuel Alao     Babs Iwarere     Maigida     Markaz Arabic And Islamic Training Institute, Agege     Abdulwasiu Bolaji Adeyi     Joseph Daudu     Jaiz Bank     Oluronke Adeyemi     Saba Mamman Daniel     Doyin Agbamu     Nigeria Customs Service     Societe Generale Bank Of Nigeria     KWAFFA     Ibrahim Abdullahi     Bond     Yusuf Mubarak     Oyeyemi Olasumbo Florence     Abdulkadri Ahmad Alaiye     Yusuf Lawal     Amos Justus Sayo     Kazeem Oladepo     Unilorin     Chartered Institute Of Personnel Management Of Nigeria     Asa LGEA School     Emir Of Lafiagi     EndSARS     Voices Of Tomorrow     Charles Ibitoye     Moses Adekanye    

Cloud Tag: What's trending

Click on a word/phrase to read more about it.

Yusuf Abubakar     Olatunji Abdulmumeen     Lawal Arinola Kudirat     PPS     Ibrahim Mashood     Coalition Of Kwara North Groups     M.Y. Abdulrahaman     Abubakar Abdulraheem     Taofik Mustapha     Kale Belgore     Sarakite     Albert Ogunsola     Adeniyi Ojo     Alfa Belgore     Mahe Abdulkadir     Ilesha Gwanara Road     Alaiye     Amuda Bembe     Earlyon Technologies     Lanre Issa Onilu     Ibrahim Bio     KWASEIC     Share-Tsaragi     Abdul Jimoh Mohammed     Iyiola Oyedepo     Unicontinental Construction Company     Abdullahi Biffo     KWTV     Binta Abubakar-Mora     Nigerian Medical Association     Isiaka Danmeromu     Countryside Emerging Leaders Fellowship     Awwal Jawondo     Theophilus Oyebiyi     Muslim Stakeholders Of Kwara State     Revenue Court     JMK Construction Company Limited     Vishvas KOZ Tractors     Baba Isale     Ezekiel Yissa Benjamin     Emir Of Yashikira     KWASSIP     Simeon Sule Ajibola     Adedayo Yusuf Abdulkareem     April 11     George Innih     Yaru     Ndama Al-hassan     Rapheal Ashaolu     Olofa Of Offa     Yusuf Babatunde Abdulwahab     Salman Suleiman     Samuel Adaramola     Olanrewju Okanlawon Musa     Maryam A. Garuba     PAACO-PCL Consortium     Convocation Ceremonies     Saka Saadu     Illyasu Abdullahi     Sam Onile     Ayinke Saka     Arandun     Colleges Of Education Academic Staff Union     Taofik Abdulkareem Babaita     Monthly Sanitation     REO CAKES     Yinka Aluko     Ibrahim Akaje     Laolu Saraki     Busari Toyin Isiaka     Ayinde Oyepitan     Ilota     Baba Adini Of Kwara State     Danhawa     Innocent Okoye     Titus Ashaolu     Sango-UITH Road