Nigeria’s inflation rate hits 21.91%

Oluwanifemi Ojo
Oluwanifemi Ojo
Inflation

The National Bureau of Statistics on Wednesday reported that Nigeria’s inflation rate has risen to 21.91%.

The increase in inflation rate accounts for about 0.09 per cent  from the previous January inflation rate of 21.82 per cent.

This information was revealed by a recent Consumer Price Index report by the National Bureau of Statistics on Wednesday.

The inflation rise was reported to have followed the Central Bank of Nigeria’s naira policy that resulted in the scarcity cash nationwide.

In addition, the uncertainties from the recently concluded general election may have contributed to the rise.

According to NBS, the increase in food inflation was caused by the hike in prices of oil and fat, fish, meats, vegetable, yam and other tubers, bread and cereals, and other foods.

Details later…


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