Nigeria headline inflation rises further to 21.91% in February

The headline inflation rate rose to 21.91 per cent in February 2023, compared to January 2023 headline inflation rate which was 21.82%, according to figures released by the National Bureau of Statistics (NBS) on Wednesday.

Looking at the trend, the February 2023 inflation rate showed an increase of 0.09% points when compared to January 2023 headline inflation rate.

Similarly, on a year-on-year basis, the headline inflation rate was 6.21 percentage point higher compared to the rate recorded in February 2022, which was 15.70 per cent.

This shows that the headline inflation rate (year-on-year basis) increased in February 2023 when compared to the same month in the preceding year (i.e., February 2022).

The contributions of items on a class basis to the increase in the headline index are presented, thus: Bread and Cereal (21.67%), Actual and Imputed Rent (7.74%), Potatoes, Yam and Other Tubers (6.06%), Vegetable (5.44%) and Meat (4.78%).

On a month-on-month basis, the percentage change in the All-Items Index in February 2023 was 1.71%, which was 0.16% points lower than the rate recorded in January 2023 (1.87%).

This means that in February 2023, on average, the general price level was 0.16% lower relative to January 2023.