Nigeria’s inflation rate hits 22%

The National Bureau of Statistics has revealed that Nigeria’s inflation rate climbed to 22.04% in March 2023.

The per cent represents a 13.4 basis points increase compared to 21.91% recorded in the previous month.

It added that food inflation was 24.45% in March 2023 from 24.35% in February 2023, while urban inflation was 23.07% and rural inflation was 21.09%.

The Bureau disclosed that the increase in the food index was driven by increases in prices of oil and fat, bread and cereals, potatoes, yam and other tubers, fish, fruits, meat, vegetables, and spirits.

In recent months, the country faced an unprecedented cash crunch as a result of the naira redesign policy of the Central Bank of Nigeria.

The annual inflation rate in Nigeria accelerated for the second month to a near 17-1/2-year high of 21.91% in February 2023, from 21.82% in the prior month and surpassing market expectations of 21.85%.

Prices of food, which is the most relevant in the CPI basket, climbed further to 24.35% in February, after jumping by 24.32% in the preceding month, partly due to the scarcity of the redesigned Naira notes and amid persistent food shortages.

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