Nigeria’s inflation rate hits 21.91% amid cash crunch –

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

Inflation rose by 0.09 percentage points in February compared with 21.82 percent in the previous month.

Office for National Statistics This was indicated in the Consumer Price Index (CPI) report released on Wednesday.

Also read:IMF questions ONS inflation data, says it’s ‘grossly outdated’

Likewise, food inflation rose to 24.35% YoY in the month under review from 24.32% in the previous month.

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

In its report, the ONS said the increase in food prices was due to higher prices for fats and oils, bread and cereals, potatoes, yams and other tubers, fish, fruit, meat, vegetables and food.

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