Nigeria’s inflation rises to 21.91 per cent

Nigeria’s inflation rate rose to 21.91 per cent in February 2023. It went up from 21.82 per cent in the previous month.

The National Bureau of Statistics disclosed this in its latest consumer price index (CPI) released on Wednesday.

This is the second consecutive rise in the country’s inflation figure this year, as Nigerians struggle to access cash for their daily needs — a challenge caused by the naira redesign policy of the Central Bank of Nigeria (CBN).

The NBS report said, “The February 2023 inflation rate showed an increase of 0.09 percent points when compared to that of January 2023 headline inflation rate”.

“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,” the bureau said.

Food Inflation

According to the bureau, food inflation rate in February 2023 was 24.35 per cent on a year-on-year basis — representing a 7.24 percent points increase compared to the 17.11 per cent recorded in February 2022.

It said 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 product.

Kwara, Imo and Lagos residents paid more for food in the period under review.