The National Bureau of Statistics (NBS) on Friday said the prices of some food items in Nigeria increased in February.
The increase in food prices came amid the uncertainties faced by Nigerians due to the scarcity of the redesigned Naira notes.
The inflation rate rose to 21.91 per cent in February compared to 21.82 per cent in January. The February inflation rate showed an increase of 0.09 per cent points when compared to January’s headline inflation rate, NBS said in its inflation report.
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). The crisis has plunged many citizens into hardship, with numerous others finding it extremely difficult to meet their daily needs.
Food prices
In its ‘Selected Food Price Watch’ data for February 2023, published on Friday, the bureau said the average price of 1kg beef boneless increased year-on-year by 27.43 per cent from the value…
