Nigeria’s inflation rate hits 21.91% amid cash crunch

Nigeria’s inflation rate climbed to a new 17-year high of 21.91% in February 2023 on the backdrop of the new naira note design and uncertainties relating to the presidential election.

The inflation rate for February is a 0.09% point increase compared to the 21.82% recorded in the previous month.

NBS stated this in its Consumer Price Index (CPI) report published on Wednesday.

Read also:IMF queries NBS data on inflation rate, says it’s ‘severely outdated’

Similarly, food inflation rose to 24.35% year-on-year in the review month from 24.32% recorded in the previous month.

On the other hand, core inflation dropped to 18.84% from 19.16%.

NBS, in its report, noted that the rise in food inflation was caused by increases in prices of oil and fat, Bread and Cereals, Potatoes, yam and other tubers, fish, fruits, meat, vegetable, and food products.

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