Nigeria’s inflation rate rises for second straight month as cash scarcity persists

•hits 21.91% in February 2023

Nigeria’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 election.

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.

More details shortly…