Inflation in Nigeria soars to 21.82 percent, driven by food

Thursday February 16 2023
People queue to withdraw money in Kano

People queue to withdraw money in Kano, northwest Nigeria. Nigeria National Bureau of Statistics on February 15, 2023 said the country's inflation rose by 21.82 per cent driven by food inflation. PHOTO | PIUS UTOMI EKPEI | AFP


Statistics agency in Nigeria on Wednesday said the country’s inflation picked up again in January, hitting 21.82 percent in annual terms and driven by higher food inflation.

Inflation had risen in Africa's biggest economy for 10 straight months, prompting a string of interest rate hikes from the Nigeria Central Bank, before a dip to 21.34 percent in December.

Food inflation, which accounts for the bulk of Nigeria's inflation basket, rose to 24.32 percent in January from 23.75 percent in December last year.

High inflation, weak economic growth and mounting insecurity are major issues for voters in Nigeria as it heads for legislative and presidential elections this month.

President Muhammadu Buhari will not be running again due to term limits.

"The contributions of items on a class basis to the increase in the headline index are bread and cereal, actual and imputed rent, potatoes, yams and tuber, vegetable and meat," the Nigeria National Bureau of Statistics said in its inflation report.