Naira Redesign: See The Inflation Rate For February 2023 As Released By NBS

 The National Bureau of Statistics (NBS) has in its recently released Consumer Price Index (CPI)) report posited that the February inflation rate in Nigeria climbed to 21.91 percent, a 0.09 percent point increase compared to that of January.

The 21.9 percent inflation rate for February represents a new 17-year high occasioned by a significant cash crunch experienced across the country as a result of the naira redesign policy and uncertainties relating to the presidential election.

In the report, food inflation in February had a 24.35 percent year-on-year in the review month from 24.32% recorded in January, while core inflation dropped to 18.84% from 19.16%.

The NBS in the report said 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.