Nigeria’s Inflation HITS 22.04%

Nigeria’s Inflation HITS 22.04%

Nigeria’s annual inflation rate rose to 22.04 per cent in March from 21.91 per cent in the previous month, the National Bureau of Statistics (NBS) said Saturday.

The statistics office said the March inflation rate showed an increase of 0.13 per cent points when compared to February 2023 headline inflation rate.

According to the latest inflation report, the food inflation rate quickened to 24.46 per cent in March from 24.35 per cent in the previous month

Inflation has remained high in Africa’s largest economy, prompting the apex bank to hike interest rates to their highest level in nearly two decades.

In recent months, Nigerians have faced an unprecedented cash crunch as a result of the naira redesign policy of the Central Bank of Nigeria (CBN). Earlier in March, the Supreme Court ruled that the CBN must extend the use of old banknotes until 31 December due to the negative impact of the policy.