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

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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.

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…