Inflation Rate Rises Above 21% in Nigeria, amid dollar, naira scarcity

• Inflation rate in Nigeria rises to 21.91% in February 2023

• Current inflation rate represents about 0.09% increase when compared to the 21.82% recorded in the previous month

• This is according to data obtained by the National Bureau of Statistics

Date received from the National Bureau of Statistics suggests that Nigeria’s inflation rate has risen to a new high of 21.82
ENigeria Newspaper reports that the current inflation figure 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 election.

Similarly, on a year-on-year basis, the headline inflation rate was 6.21 percent points higher compared to the rate recorded in February 2022, which was 15.70 percent.

“This shows that the headline inflation rate (year-on-year basis) increased in February 2023 when compared to the same month in the preceding year (i.e., February 2022).”

It said items that contributed to the increase are; bread and cereal (21.67 percent), actual an imputed rent (7.74 percent), potatoes, yam and other tubers (6.06 percent), vegetable (5.44 percent) and meat (4.78 percent).
On the other hand, core inflation dropped to 18.84% from 19.16%.