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
States
Independence: NBA urges Nigerians to expect better future
The NBA said that ordinary Nigerians should be deriving benefit from the subsidy removal rather than hardship.
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.”
Economy
Kano govt warns mining firms against abandoning sites without reclamation
The Kano government has warned mining companies operating in the state not to abandon mining sites without carrying out mandatory environmental reclamation measures.
Politics
Cross River PDP ratifies Bullem as chairman, endorses Wike’s coalition
PDP in Cross River has ratified Francis Bullem as its substantive chairman and endorsed the Rainbow Coalition led by Nyesom Wike.
Politics
Gov Buni’s achievements make APC’s 2027 campaign easier: Commissioner
Kaigama Umar, Yobe’s commissioner for commerce, industry and tourism, says Governor Mai Buni’s developmental achievements will shape the party’s election campaign.
Rights
LASCOPA resolves 10,720 complaints, secures N759 million redress
LASCOPA says it has secured ₦759.35 million in consumer redress and resolved 10,720 complaints in six years.
Africa
South Africa extend AACT lead as Kenya’s Muthomi tops individual standings
The defending champions returned a combined score of 309 after 36 holes on Thursday to maintain their lead in the week-long championship.
Showbiz
Shettima challenges Nigerians, other Africans to monetise creative power
According to the vice-president, Nigeria’s hosting of CANEX Weekend for the first time recognises the country’s growing influence in the creative economy.
