Nigeria’s annual inflation hits 21.82% amid cash crunch

Amid the uncertainties being faced by Nigerians due to the scarcity of the redesigned Naira notes, the nation’s annual inflation rate rose in January after recording a fall in December.

Inflation rose to 21.82 per cent in January compared to 21.34 per cent in December, the National Bureau of Statistics announced Wednesday.

The statistics office said the headline inflation rate rose to 21.82 per cent compared to December 2022 headline inflation rate which was 21.34 per cent.

Looking at the trend, it said the January 2023 inflation rate showed an increase of 0.47 per cent points when compared to December 2022 inflation rate.