National Bureau of Statistics on Wednesday, March 15, 2023, disclosed that the nation’s inflation rate has risen to 21.91%, compared to January 2023 rate of inflation which was 21.82%.
This was disclosed in a recent Consumer Price Index report indicating a 0.09% point increase, when compared to January 2023 headline inflation rate.
The rise in the rate of inflation followed the naira crisis across the country and uncertainties relating to the recently concluded presidential poll.
“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 report indicated that the rise in food inflation was caused by the increase in “bread and cereal (21.67 per cent), actual an imputed rent (7.74 per cent), potatoes, yam and other tubers (6.06 per cent), vegetable (5.44 per cent) and meat (4.78 per cent)”.
The NBS said the rise in food inflation was caused by increase in prices of oil and fat, fish, meats, vegetable, yam and other tubers, bread and cereals, and other foods.
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