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.

Abubakar Bature Sulu-Gambari     Yekini Adio     Baba Adini Of Kwara State     Ajia-Bako     Kwabes     Chartered Institute Of Personnel Management Of Nigeria     Akande Idowu Ayoola Muhammed     Shettima     Siddiq Adebayo Idowu Salawu     Rapheal Ashaolu     Segun Ogunsola     Student Learning Support Helpline     Omotoso     MAI Akande     Yahaya Seriki Gambari     Sarah Alade     Ibrahim Akaje     Kwara 2019     Oniyangi     Dan Masanin     Pacify Labs     Tafida Of Kaiama     Balogun-Ojomu     Biliaminu Aliu     Elesie Of Esie     Abdulkareem Alabi     Adesina Simon Sodiya     Kumbi Titiloye     Maryam A. Garuba     Allocation     Ayinke Saka     Durosinlohun Atiku     Ileloke     John Kehinde Salako     Abdulquowiyu Olododo     Abdulrasheed Akogun     Ibrahim Taiwo     Tanke Road     Kwara State Printing And Publishing Corporation     Mohammed Katsina Ahmed     KWATMA     Women Radio     Sulyman Atolagbe Alege     Abdulfatai Ahmed     Bamidele Aluko     Ajidagba     Agboola Babatunde     Ophthalmological Society Of Nigeria     Bello Abubakar     Jide Oyinloye     Olabode Towoju     Kisira     Salihu Yahaya     Overland     Baba Issa Awoye     Facebook     Abdulrosheed Okiki     Pategi     Amusa Bello     Musa Abdullahi     Henry Makinwa     Yaru     Neuropsychiatric Hospital     Vasolar Consultoria     Bello Oyebanji     Alliance For Democracy     Kwara 2023     Tinubu     Razak Atunwa     Curfew     Olatunji Moronfoye     Oladipo Akanmu Tolani     Idiagbon     Adeola Abraham     Raliat AbdulRazaq     Abikan     Abdulmajeed Wahab    

Cloud Tag: What's trending

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

Olatunji Ibrahim     Illyasu Abdullahi     Erubu Oba Zubair     James Kolo     General Tunde Idiagbon International Airport Ilorin     Riskat Opakunle     Amina Susa\'a De Ahmed     Abdulrasheed Akogun     Code Of Conduct Tribunal     Police Commissioner     IDPU     Abdulkarim Adisa     Federal Neuro-Psychiatric Hospital     Saka Isau     CACOVID Palliatives     SSA Youth     Abdul-Rahoof Bello     Lithium Deposit     Habeeb Abdullahi Al-Ilory     Abdullateef Abdussalam     PAACO-PCL Consortium     Federal College Of Education (Special), Afon     Michael Ologundea     Government Girls’ Day Secondary School Pakata     Bola Tinubu     Egbewole     Abdulfatai Salman Baakini     Wahab Olasupo Egbewole     March 18     Atunwa     ASUU     Sayomi     Odolaye Aremu     Sabitiyu Grillo     Abdulfatai Ahmed     Busari Alabi Alausa     Abdullahi Dasilva Yussuf     Esuwoye     Tayo Alao     Post Utme     Ayodele Shittu     Ahmad Fatima Bisola     Toun Okewale-Sonaiya     Saidu Kawu     Gbajabiamila     Aliyu Kora-Sabi     Wasiu Odewale     College Of Arabic And Islamic Legal Studies     Ilorin Muslim Community     Madawaki     Kwara Poly     Afusat Nike Ibrahim     Mufutau Gbadamosi Esuwoye     Barakat Community Secondary School     Abdulraheem Olesin     Abiodun Oyedepo     Code Of Conduct Bureau     Kwara State Sports Commission     Labaeka     Federal Allocation     Mashood Dauda     Olabimpe Olani     Omotoso     Iyabo Adisa Ibiyeye     Aisha Abodunrin Ibrahim     Asa     Yusuf Badmus     Abdulrahman Abdulrazak     Oya State     Sola Saraki Educational Foundation     Saheed Alakoso     Dunmade     Abiodun Abdulkareem     Olomu Of Omu-Aran     Gwanara     Bello Bature     Baba-Isale