Nigeria’s inflation rate increased slightly to 21.91% in February 2023, up from 21.82% in January 2023, according to the National Bureau of Statistics.
The rise comes amid efforts to combat cash hoarding and vote-buying ahead of the 2023 general elections through the redesign of banknotes by the Central Bank of Nigeria.
On a year-on-year basis, the headline inflation rate was 6.21% points higher than the rate recorded in February 2022.
The increase was driven by items such as bread and cereal, actual and imputed rent, potatoes, yam, and other tubers, vegetables, and meat.
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