RateCaptain
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
  • Contact Us
No Result
View All Result
Subscribe
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
  • Contact Us
No Result
View All Result
RateCaptain
No Result
View All Result
Home Economy

Nigeria Food Inflation surged up to 7.42% year on year.

Rate Captain by Rate Captain
March 15, 2023
in Economy
Reading Time: 1 min read
A A
0
Food inflation increases by 7.19% year-on-year basis.
Share on FacebookShare on TwitterShare on WhatsappShare on Telegram

Nigeria’s food inflation rate had grown to 24.35% in February 2023, which is 7.42% points higher compared to the rate recorded in February 2022, which was 17.11%.

This information was disclosed on the National Bureau of Statistics’ official website.

AlsoRead

CBN Postpones 293rd MPC Meeting Indefinitely Amidst Economic Uncertainty

Customs Records N47.4 Billion Revenue on Importation in Nine Months of 2023

Nigerian Naira Hits Record Low at 980/$: BDC Operators Condemns Situation

The average annual rate of food inflation for the twelve months ending February 2023 over the previous twelve-month average was 22.12%, which was a 2.44% point increase from the average annual rate of change recorded in February 2022. This increase can be attributed to price increases in oil and fat, bread and cereals, potatoes, yams, and other tubers, fish, fruits, meat, vegetables, and food products, etc. In February 2023, food inflation on a year-on-year basis was highest in Kwara at 29.51%, Imo at 27.47%, and Lagos at 27.42%. while Sokoto at 18.54%, Jigawa at 19.67%, and Yobe at 21.89% recorded the slowest rise in year-on-year food inflation.

On a month-on-month basis, however, the food inflation rate decreased by 0.18%, from 2.0% in January 2023 to 1.90% in February 2023.

The increasing trend could be due to various factors such as rising demand, supply constraints, or even speculation among traders, but it is also important that the government intervene by introducing policies like subsidies or tax cuts so that basic commodities remain affordable for everyone.

Previous Post

Breaking: Nigeria’s headline inflation grows to 21.91%.

Next Post

FEC approves N2.8 billion for the conduct of the national census.

Related News

CBN bans foreign bank representative offices from engaging in banking business in Nigeria..

CBN Postpones 293rd MPC Meeting Indefinitely Amidst Economic Uncertainty

by Stephen Akudike
September 22, 2023
0

In a surprising and unprecedented move, the Central Bank of Nigeria (CBN) has announced the postponement of its eagerly awaited...

Customs Records N47.4 Billion Revenue on Importation in Nine Months of 2023

Customs Records N47.4 Billion Revenue on Importation in Nine Months of 2023

by Stephen Akudike
September 21, 2023
0

The Nigeria Customs Service's Oyo/Osun Area Command has achieved a significant milestone by collecting an impressive N47.4 billion in revenue...

Naira Depreciates to N945/$ in the Parallel Market

Nigerian Naira Hits Record Low at 980/$: BDC Operators Condemns Situation

by Stephen Akudike
September 21, 2023
0

The Nigerian naira has continued its alarming descent against the US dollar, plummeting to a new low of 980 naira...

Nigeria Tops Global Crypto Awareness with 90% Eager to Invest

Cryptocurrency Usage Surges in Nigeria Amid Economic Challenges

by Bolarinwa Mathew
September 20, 2023
0

Cryptocurrency adoption in Nigeria is on the rise, driven by a weakening national currency and skyrocketing inflation, according to a...

Next Post
FEC approves N2.8 billion for the conduct of the national census.

FEC approves N2.8 billion for the conduct of the national census.

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

Bank of Japan Maintains Ultra-Loose Monetary Policy Amid High Uncertainty

Bank of Japan Maintains Ultra-Loose Monetary Policy Amid High Uncertainty

September 22, 2023
NGX Appoints an Advisory Panel on Digital Technology Products.

NGX Reports 98% Surge in Trade Volume as Investors Lose N35 Billion

September 22, 2023

Popular Story

  • Bank of Japan Maintains Ultra-Loose Monetary Policy Amid High Uncertainty

    Bank of Japan Maintains Ultra-Loose Monetary Policy Amid High Uncertainty

    0 shares
    Share 0 Tweet 0
  • Nigerian Naira Hits Record Low at 980/$: BDC Operators Condemns Situation

    0 shares
    Share 0 Tweet 0
  • NNPC Increase Pump price to N617 Per Litre Amidst Economic Hardship

    0 shares
    Share 0 Tweet 0
  • Access Bank Invites Applications for 2023 Entry Level Trainee Program in Technology

    0 shares
    Share 0 Tweet 0
  • Bank of England Pause Monetary Policy Meeting After Inflation Surprise

    0 shares
    Share 0 Tweet 0
RateCaptain

RateCaptain

We bring you the most accurate in new and market data. Check our landing page for details.

  • Home
  • About Us
  • Privacy Policy
  • Terms & Conditions
  • Disclaimer
  • Cookie Policy
  • Contact Us

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.

No Result
View All Result
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
  • Contact Us

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.

RateCaptain
Manage Cookie Consent
To provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behavior or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
Functional Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes. The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
Manage options Manage services Manage {vendor_count} vendors Read more about these purposes
View preferences
{title} {title} {title}
?>