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.
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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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