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Cash crunch: Nigeria’s inflation rises to 21.91% 

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Nigeria’s inflation in February 2023 has risen to 21.91% amidst cash crunch that has continued to ravage the nation for over a month.

According to the National Bureau of Statistics (NBS), in February 2023, the headline inflation rate rose to 21.91% compared to January 2023 headline inflation rate which was 21.82%.

According to the NBS, looking at the trend, the February 2023 inflation rate showed an increase of 0.09% points when compared to January 2023 headline inflation rate.

Similarly, on a year-on-year basis, the headline inflation rate was 6.21% points higher compared to the rate recorded in February 2022, which was 15.70%.

This shows that the headline inflation rate (year-on-year basis) increased in February 2023 when compared to the same month in the preceding year (i.e., February 2022).

The NBS said the contributions of items on a class basis to the increase in the headline index are presented, thus: Bread and Cereal (21.67%), Actual and Imputed Rent (7.74%), Potatoes, Yam and Other Tubers (6.06%), Vegetable (5.44%) and Meat (4.78%).

“On a month-on-month basis, the percentage change in the All-Items Index in February 2023 was 1.71%, which was 0.16% points lower than the rate recorded in January 2023 (1.87%). This means that in February 2023, on average, the general price level was 0.16% lower relative to January 2023,’ the NBS said.

 

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