Nigeria’s inflation rate surged to 17-year high 21.91% following cash crisis: Report
In February, Nigeria’s inflation rate hit a fresh 17-year high of 21.91 per cent marking a 0.09 point gain from the previous month’s 21.82 per cent, according to the Consumer Price Index (CPI) data released by The National Bureau of Statistics (NBS) on Wednesday.
The surge in the inflation rate followed a significant cash scarcity across the country as a result of the President Muhammadu Buhari-led regime’s immature attempt to phase out the use of old naira notes, as well as the presidential election uncertainties.
In the same line, food inflation increased from 24.32 per cent in January to 24.35 percent in the reviewed month, while core inflation decreased from 19.16 per cent in January to 18.84 per cent.
The NBS claims that the increase in the price of oil and butter, bread and cereals, potatoes, yams, and other tubers, as well as fish, fruits, meat, vegetables, and other items, is what led to the rise in food inflation.
We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.
More from Peoples Gazette
Agriculture
FG tasks ECOWAS on leveraging financing strategies for agroecology
The federal government has urged stakeholders in the agriculture and finance sectors in the West Africa region to leverage financing strategies to enhance agroecology practices
Politics
Katsina youths pledge to deliver over 2 million votes to Atiku
“Katsina State is Atiku’s political base because it is his second home.”
Lagos
Lagos: LNSC nabs 130 suspected hoodlums in early morning raidÂ
Mr Oyekan said the operation followed reports of criminal activities targeting motorists.
Faith
2027: Christian, Muslim youths sign peace accord in Abuja
The peace accord aims to promote peaceful coexistence ahead of the 2027 elections.
Heading 2
NAGAFF urges freight forwarders to shun bribery, embrace professionalism
He urged freight forwarders to undergo professional training at the NAGAFF Academy.
Heading 4
Niger seals 12 unregistered Islamic medicine stores, health facility over regulatory violations
Mr Suleiman said the affected facilities were issued 21-day notices to correct the identified deficiencies.
World
FAO: World food prices rise to highest since 2022 amid adverse weather, war
Prices rose by 2.5 per cent indicating an increase compared to last year’s figure in the same month.
States
Remi Tinubu launches food bank in South-South
The programme targets vulnerable households, particularly children under six, among others.
