Indications that the lingering cash crunch didn’t really affect the general price level in Nigeria emerged on Tuesday as the National Bureau of Statistics (NBS) reported that the nation’s headline inflation rate still surged to 21.91% in February compared to the 21.82% rate reported in January 2023.
The Bureau, in its ‘Consumer Price Index February 2023’ report, indicated that the latest CPI showed an increase of 0.09% points when compared to January 2023 headline inflation rate.
Similarly, it stated that when analyzed on a year-on-year basis, the headline inflation rate was 6.21% points higher than the 15.70% rate recorded in the corresponding month of last year.
According to the statistics agency, the items that contributed to the increased headline inflation rate are 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%).
It further noted that on a month-on-month basis, the percentage change in the All-Items Index in February 2023 was 1.71%, representing 0.16% points lower than the 1.87%) rate recorded in the previous month and that on the average, the general price level in February 2023 was 0.16% lower relative to January 2023.
The NBS further clarified: “The percentage change in the average CPI for the twelve months period ending February 2023 over the average of the CPI for the previous twelve months period was 19.87%, showing a 3.15% points increase compared to 16.73% recorded in February 2022.”
The Bureau reported that the increases were recorded in all Classification of Individual Consumption According to Purpose (COICOP) divisions that yielded the headline index.
On urban inflation trend, the Bureau reported that on a year-on-year basis, the urban inflation rate in February 2023 rose to 22.78%, indicating 6.53% points higher compared to the 16.25% recorded in February 2022 while on a month-on-month basis, the urban inflation rate was 1.85% in the month under review, representing 0.13% points lower compared to the 1.98% rate recorded the preceding month.
It further clarified that the corresponding twelve-month average for the urban inflation rate was 20.45% in February this year, reflecting 3.16% points higher compared to the 17.29% rate reported in the corresponding month of last year.
Also, the NBS reported that the rural inflation rate in the month under review rose to 21.10% on a year-on-year basis; indicating 5.92% points higher compared to the 15.18% recorded in February 2022, adding that, however, on a month-on-month basis, the rural inflation rate in February 2023 was 1.58%, down by 0.19% points compared to the 1.77% reported the previous month.
The statistics agency disclosed that the corresponding twelve-month average for the rural inflation rate in February 2023 was 19.33%, representing 3.15% points higher compared to the 16.18% recorded in the corresponding month of 2021.
