Joseph Inokotong – Abuja
Headline inflation rate rose to 21.91 percent in February 2023 compared to 21.82 percent recorded in the preceding month of January.
The National Bureau of Statistics (NBS), which released the data on Wednesday said looking at the trend, the February 2023 inflation rate showed an increase of 0.09 percent points when compared to January 2023 headline inflation rate.
Similarly, on a year-on-year basis, the headline inflation rate was 6.21 percent points higher compared to the rate recorded in February 2022, which was 15.70 percent.
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 of February 2022.
The NBS explained that “the contributions of items on a class basis to the increase in the headline index are presented, thus: Bread and Cereal, 21.67 percent; Actual and Imputed Rent, 7.74 percent; Potatoes, Yam and other Tubers, 6.06 percent; Vegetable, 5.44 percent and Meat, 4.78 percent”.
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