The latest report from the Department of Census and Statistics (DCS) has revealed that the National Consumer Price Index (NCPI) for February 2023 has risen to 53.6%, measured by the Year-on-Year change. This marks a slight increase from the January 2023 headline inflation of 53.2%.
The report also states that the food group and non-food group contributed 22.1% and 31.5%, respectively, to the inflation recorded in February. In January, food prices were recorded at 53.6%, while non-food inflation stood at 52.9%. However, in February, food prices decreased to 49.0%, while non-food inflation increased to 57.4%.
Furthermore, the report reveals that the core inflation, which excludes volatile items of food, energy, and transport groups in the economy, decreased to 20.1% in February 2023, from 52.0% in January of the same year.
Overall, the latest DCS report indicates a rise in inflation in February 2023, primarily due to the increase in non-food group inflation.
