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.