Naira Scarcity: Nigeria Inflation Rises To 21.91%

The consumer price index (CPI), which measures the rate of change in prices of goods and services, rose to 21.91 percent in February 2023, up from 21.82 percent in the previous month.

The inflation rate data was contained the latest CPI report released on Wednesday by the National Bureau of Statistics (NBS).

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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 increase in prices of oil and fat, fish, meats, vegetable, yam and other tubers, bread and cereals, and other foods.