EKO HOT BLOG reports that amid the uncertainties being faced by Nigerians due to the scarcity of the redesigned Naira notes, the nation’s inflation rate rose in February.
In February 2023, the inflation rate in Nigeria climbed to 21.91%, marking a slight increase from the previous month’s inflation rate of 21.82% in January.
The statistics office said the February inflation rate showed an increase of 0.09 per cent points when compared to January’s headline inflation rate.
The rise in the inflation rate followed the naira crisis across the country and uncertainties relating to the just concluded presidential election.
The NBS said the rise in food inflation was caused by increases in prices of oil and fat, fish, meats, vegetable, yam and other tubers, bread and cereals, and other foods.
In recent months, Nigerians have faced an unprecedented cash crunch as a result of the naira redesign policy of the Central Bank of Nigeria (CBN).
The crisis has plunged many citizens into hardship, with numerous others finding it extremely difficult to meet their daily needs.
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