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Home Breaking News

Core inflation rises to 18.84% in February 2023 on the back of fuels, gas, and lubricants

Omono Okonkwo by Omono Okonkwo
March 15, 2023
in Breaking News, Economy, Inflation, Macros
Insights: Why fuel subsidy removal may push Nigeria’s inflation rate to 30% in June 2023
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Core inflation (also referred to as all items’ inflation) stood at 18.84% in February 2023 on the back of fuels, gas, and lubricants.

This is according to the recent inflation report from the National Bureau of Statistics (NBS), which was released on Wednesday, March 15. According to the report, core inflation stood rose by 4.83% from 14.01% recorded in February 2022.

More details: The report further highlighted the fact that the highest increases were recorded in prices of Gas, Passenger Transport by Air, Liquid Fuel, Fuels, and Lubricants for Personal Transport Equipment, Vehicles Spare Parts, Solid Fuel, etc.

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Meanwhile, on a month-on-month basis, the core inflation rate was 1.06% in February 2023 and 1.82% in January 2023, down by 0.76% points. The average twelve-month annual inflation rate was 16.92% for the twelve months ending February 2023; this was 3.46% points higher than the 13.46% recorded in February 2022.

The report also stated that in February 2023, all items’ inflation rate on a year-on-year basis was highest in Bauchi at 24.59%, Rivers at 24.40%, and Ondo at 24.27%. While Sokoto at 18.90%, Borno at 18.94%, and Cross River at 19.62%, recorded the slowest rise in headline year-on-year inflation.

On a month-on-month basis, however, February 2023 recorded the highest increases in Edo at 2.76%, Ogun at 2.64%, and Yobe at 2.36%, while Bayelsa at 0.74%, Borno at 0.95%, and Taraba at 1.03%, recorded the slowest rise on month-on-month inflation.

More details soon…


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Tags: Core InflationLiquid FuelPassenger Transport by Airprices of Gas
Omono Okonkwo

Omono Okonkwo

Omono Okonkwo is an accomplished Mass Communicator, with a remarkable track record spanning over a decade across various dimensions of the field. Her proficiency encompasses Print, Digital, and Broadcast Journalism, Copywriting, Research and Writing, Podcasting, Public Speaking, as well as a comprehensive grasp of Energy Markets. Her engagement in energy market coverage commenced officially in 2016, as she assumed the role of a country correspondent (Nigeria) with Natural Gas World, a subsidiary of Minoils Media based in Vancouver, Canada. Since then, Omono Okonkwo has consistently demonstrated excellence and left an indelible mark on the ever-evolving energy sector.

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