Nigeria’s February Inflation Increases By 21.91% As Rent And Food Prices Rise

Looking at the trend, the headline inflation rate for February 2023 increased by 0.09 percentage points from January 2023.

The headline inflation rate was also 6.21 percent higher on an annual basis than the 15.70 percent reached in February 2022.

This demonstrates that, when compared to February of the previous year, the headline inflation rate rose in 2023 on an annual basis (February 2022).

Food and rent were the items that contributed most to the increase in the headline index on a class basis.

Included in this are potatoes, yams, and other tubers (6.06%), vegetables (5.44%), meat (5.44%), bread and cereal (21.67%), actual and imputed rent (0.74%), and other tubers (4.78 per cent).

The All-Items Index experienced a percentage change of 1.71 percent month over month in February 2023, which was 0.16 percentage points less than the 1.87 percent reported in January 2023.

Thus, the general price level was, on average, 0.16 percent lower in February 2023 than it was in January 2023.

The average CPI for the twelve months ending in February 2023 changed by 19.87% over the average CPI for the twelve months prior to that, a rise of 3.15 percentage points from the 16.73% recorded in February 2022.

Urban inflation in February 2023 was 22.78% on an annual basis, which was 6.53 percentage points higher than the 16.25% reported in February 2022.

The urban inflation rate in February 2023 was 1.85 percent, 0.13 percent lower than in January 2023 (1.98 per cent).

In February 2023, the urban inflation rate was 20.45% for the matching twelve-month average.

In comparison to the 17.29 percent reported in February 2022, this was 3.16 percentage points higher.

According to a year-over-year comparison, the rural inflation rate in February 2023 was 21.10 percent, which was 5.92 percentage points higher than the 15.18 percent recorded in February 2022.

The rural inflation rate in February 2023 was 1.58 percent, a 0.19 percent point decrease from the previous month (1.77 per cent).

In February 2023, the rural inflation rate’s comparable twelve-month average was 19.33 percent.

The 16.18% observed in February 2022 was 3.15 percentage points lower than this.