Headline inflation rose to 21.91 per cent in February amid a naira redesign policy that was meant to mop up cash and curb excess currency in circulation.
According to the Organised Private Sector in the country, the Central Bank of Nigeria’s naira redesign policy has contributed to a naira crisis that has driven inflation to record highs. Nigeria’s 21.91 per cent inflation rate for February is the highest in 18 years.
Data from the National Bureau of Statistics revealed that this is the second consecutive month inflation is rising in the year after it fell in December 2022, after an 11-month rise. In January, inflation rose to 21.82 per cent from the 21.34 per cent that was recorded in December 2022.
The NBS, on Wednesday, disclosed that increases in the price of bread, cereal, rent, potatoes, yam, tubers, vegetables, and meat drove inflation up in February
It said, “In February 2023, the headline inflation rate rose to 21.91 per cent compared to January 2023 head-line inflation rate which was 21.82 per cent.
“Looking at the trend, the February 2023 inflation rate showed an increase of 0.09 per cent points when compared to January 2023 headline inflation rate.”
The national statistics body of the country added, “The contributions of items on a class basis to the increase in the headline index are presented, thus: bread and cereal (21.67 per cent), actual and imputed rent (7.74 per cent), potatoes, yam and other tubers (6.06 per cent), vegetable (5.44 per cent), and meat (4.78 per cent).”