Nigeria’s inflation rate rose for the second consecutive month in February to 21.91 percent from 21.82 percent in the previous month, according to the latest inflation report released on Wednesday by the National Bureau of Statistics (NBS).
In recent months, Nigerians have faced an unprecedented cash crunch as a result of the naira redesign policy of the Central Bank of Nigeria (CBN).
The crisis has plunged many citizens into hardship, with numerous others finding it extremely difficult to meet their daily needs.
According to the NBS, the soared February headline inflation is not unconnected to the hike in prices of food items.
DIPLOMATIC DIARY reports that Bread and Cereal, Actual and Imputed Rent, Potatoes, Yam and Other Tubers, Vegetable and Meat were drivers of the inflation rate for February.
The food inflation rate was 24.35 per cent on a year-on-year basis, which was 7.24 per cent points higher compared to the 17.11 per cent reported in February 2022.
“In February 2023, the headline inflation rate rose to 21.91% compared to January 2023 headline inflation rate which was 21.82%.
“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% points higher compared to the rate recorded in February 2022, which was 15.70%.
“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″, the NBS said.
