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.

Lasiele Alabi Yahaya     Funke Adedoyin     Ahmed Dankaya     Mahmud Durosinlohun Atiku     Wasiu Onidugbe     Bayer AG     Abdulbaqi Jimoh     Saduki Lafiagi     Isaac Aderemi Kolawole     Ibrahim Abdulqadir Abikan     Rapheal Ashaolu     Fulani     Jaigbade Alao     Kwara State Geographic Information Service     Oyin-Zubair     Federal Polytechnic Offa     Saliu Shola Taofeek     Saka Adeyemo     Chief Imam Of Lafiagi     Kwara State Council Of Chiefs     Tunde Yusuf     Mohammed Yisa     Jumoke Gafar     Minimum Wage     Abdulrahman Abdulrazaq     Oba Abdulkadir La\'aro     Oluwarotimi Boluwatife Adenike     Abdullahi Samari     Chartered Institute Of Personnel Management Of Nigeria     Mubarak Oladosu     Ganmo Power Sub-Station     Ajia-Bako     Ayinde Oyepitan     Yomi Ogunsola     John Olobayo     Nagode     International Public Sector Accounting Standards     Olubukola Kifayat Adedeji     Abdulkadir Jimoh     Muritala Awodun     Gbemisola Saraki     Saheed Popoola     Alaro     Abubakar Usman Jos     Temitope Ogunbanke     Aliyu Umar     Kisira     Mahmud Ayinla Giwa     Atiku Abubakar     Vishvas KOZ Tractors     Wahab Abayawo     Alapansapa     Elese Of Igbaja     Ganmo     Adijat Adebiyi     Rice Farmers Association Of Nigeria     Afeyin-Olukuta     Idiagbon     Iliasu     Mamman Saba Jibril     Summit University     Hamza Usman     Saliu Ajibola Ajia     MATTA Girls Foundation     Ahmed \'Lateef     Na\'Allah     Share     Suleiman Rotimi Iliasu     T And K FOODS     Col. Adedipe     Local Government     Gobir     Ibrahim Oniye     Kazeem Gbolagade     Durbar Festival     Rueben Parejo     Kwara State Governor    

Cloud Tag: What's trending

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

Ibrahim Bio     IYA ALFA NLA     Otunba Taiwo Joseph     Zainab Abass     Awoye     Bature Bello     Muhammed Taofeeq Abdulrazaq     General Tunde Idiagbon International Airport Ilorin     New Naira Notes     Makama Of Ilorin     Saliu Oluwole     NURTW     Segun Adeniyi     Ogidi-Oloje     Yusuf Mubarak     Baba Idris     Ekiti     Baboko Primary School     Labaeka     Quran     ASUU     March 18     Ajakaye     Oloje     Yusuf Abdulwahab     Bola Olukoju     Ilorin Airport     Afeyin-Olukuta     Bayo Lawal     Hussein Oloyede     Babaloja-General     Okin Group     2023 Elections     Okala Baba     National Pilot     Usman Alkali Baba     Kwara Teaching Service Commission     Ishaq Oloyede     Kola Bukoye     Tsaragi     Damilola Yusuf     Adesina Simon Sodiya     Mohammed Yahaya Barki     Iyeru Grammar School     Rebecca Olanrewaju     Benin Republic     Pategi     High Court     Aremu Bose Deborah     Ibrahim Abdullahi     State Bureau Of Internal Revenue     SWAN     Abdulazeez Uthman     Arca Santa     Isiaka Danmeromu     Alore     Elerinjare     Bamikole Omishore     Sodiya     General Hospital, Offa     Tinubu     Mansur Alfanla     IYA YUSUF     Oba-Solagberu     Raliat Elelu-Habeeb     Samuel Adaramola     Abdullateef Abdussalam     Habeeb Abdullahi Al-Ilory     Oyelere Oyinloye     Olaoye B. Felix     Al-Ilory     Young Progressives Party     Ilorin East/South Federal Constituency     Yemi Osinbajo     Islamic Development Bank     Kola Ologbondiyan     Olaitan Buraimoh