Nigeria’s inflation rate rises further to 21.91% in February 2023

Date:

By Francesca Iwambe

's inflation rate climbed to a new 17-year high of 21.91% in February 2023, representing a 0.09% point increase when compared to the 21.82% recorded in the previous month.

This is according to the recently released Consumer Price Index (CPI) report by the National Bureau of Statistics (NBS).

The rise in the inflation rate is following a significant cash crunch experienced across the country on the backdrop of the new naira note design and uncertainties relating to the presidential .

In the same vein, 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%.
According to the NBS, 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.

0 0 votes
Article Rating
Subscribe
Notify of
guest

0 Comments
Inline Feedbacks
View all comments

Share post:

Subscribe

Popular

More like this
Related

Mohbad: Lagos Police confirm teargas deployment at Lekki

The Lagos State Police Command on Friday confirmed that...

Nagelsmann named new coach of Germany

Germany on Friday named Julian Nagelsmann as their head...

Gunmen operate freely along Owerri-Okigwe road, Imo residents lament

The residents of three local government areas of Okigwe,...

Breaking: Tribunal affirms Mutfwang as Plateau gov, dismisses Nentawe’s petition

The Plateau State Governorship Election Petition Tribunal sitting in...