BREAKING: Nigeria’s inflation hits 21.82% as cash crisis persists

In a chain of economy related events, Nigeria’s January inflation figure rose from 21.34 per cent in December to 21.82 per cent in January, according to National Bureau of Statistics, NBS recent data.

The difference: 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.

What was inflation rate in January 2022?: Headline inflation rate was 6.22% points higher compared to the rate recorded in January 2022, which was 15.60%.

Why the increase?: The contributions of items on a class basis to the increase in the headline index are Bread and Cereal (21.67%), Actual and Imputed Rent (7.74%), Potatoes, Yam and Tuber (6.06%), Vegetable (5.44%), and Meat (4.78%).

What you should know: According to the figure, on average, the general price level was 0.15% higher relative to December 2022. The percentage change in the average CPI for the twelve months ending January 2023 over the average for the previous twelve months was 19.36%, showing a 2.49% increase compared to 16.87% recorded in January 2022.

Meanwhile: This news breaks amid uncertainties being faced by Nigerians due to the scarcity of the redesigned Naira notes.

Streching the cash crisis longer, the Supreme Court of Nigeria has hit pause on the naira swap policy of the Central Bank of Nigeria (CBN) until Wednesday, February 22, 2023, to hear the consolidated suits filed by 10 states against the CBN and federal government.