Business & Economy

BREAKING: Nigeria’s inflation rises to 21.82% as naira scarcity bites harder


BREAKING: Nigeria’s inflation rises to 21.82% as naira scarcity bites harder

Nigeria’s inflation again rose to a record high of 21.82% in January from 21.34 percent in December.

This is according to the recent report released by the National Bureau of Statistics (NBS) on Wednesday, February 15, 2023.

The new increase in the country’s inflation comes amid the uncertainties being faced by Nigerians due to the scarcity of the redesigned Naira notes.

This January’s increase represents a 0.47% increase when compared to the 21.34% recorded in the previous month.

The food inflation surged to 24.32% in January from 23.75% recorded in December 2022, while core inflation, which excludes the prices of volatile agricultural produce stood at 19.16% in the review month compared to 18.49%.

Notably, the highest increases were recorded in prices of Gas, Liquid Fuel, Passenger Transport by Air, Vehicles Spare Parts, Fuels, and Lubricants for Personal Transport Equipment, Solid Fuel, etc.

Meanwhile, in terms of the food index, the surge in the rate was attributed to an increase in the prices of some food items like Oil and Fat, Bread and Cereals, Fish, Potatoes, Yam & Tubers, etc.



Uchechi Ojo
Uchechi Ojo, is a Lagos-born and based writer, newscaster and voice-over artist. A versatile and committed journalist with the yearning to make a difference in the industry. She writes balanced, informative and interesting stories. Uchechi has the ability to interact and listen with rapt attention, excellent time management and great communication skills while paying attention to detail. She is very approachable and a good team player. Instagram | LinkedIn
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