•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…
THE Independent National Electoral Commission (INEC) has shifted the date for the release of the…
News Update It was an inspiring moment at the just concluded 6th African Youth SDGs…
A top All Progressives Congress, APC, chieftain in Ifedore Local Government has petitioned the Ondo…
THE Nigeria Democratic Congress (NDC) in Bayelsa State has lost key members of the party…
News Update As part of effort to fulfilling their promises, the Osun State council executives…
News Update THE Independent National Electoral Commission, INEC, has said it is yet to receive…