NBS : Nigeria Inflation Rate Soars To  21.91%, Attributes Rise To Naira Scarcity

Nigeria inflation rate has soared to 21.91%, compared to January 2023 inflation rate which was 21.82%, the National Bureau of Statistics NBC stated.

The percentage represents a 0.09% point increase.

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

The rise in the inflation rate followed the naira crisis across the country and uncertainties relating to the just concluded presidential election.

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