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.

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