Surging inflation spikes poverty, threatens growth

Nigeria’s consumer price index (CPI), which measures inflation rose to 21.91 percent in February 2023, up from 21.82 percent in the previous month.

This comes amid scarcity of naira caused by the currency redesign policy of Central Bank of Nigeria (CBN), which has affected demand and is expected to slow down the economy.

The inflation rate data is contained the latest CPI report released on Wednesday by the National Bureau of Statistics (NBS).

The increase comes across as the second consecutive rise in the country’s inflation figure this year.

More to follow…


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