Nigeria’s inflation rate has jumped high to 21.91%, representing a 0.09% point increase when compared to the 21.82% recorded in the previous month.
This is according to the recently released Consumer Price Index (CPI) report by the National Bureau of Statistics (NBS).
The rise in the inflation rate is following a significant cash crunch experienced across the country on the backdrop of the new naira note design and uncertainties relating to the presidential election.
In the same vein, food inflation rose to 24.35% year-on-year in the review month from 24.32% recorded in the previous month. On the other hand, core inflation dropped to 18.84% from 19.16%.
According to the NBS, the rise in food inflation was caused by increases in prices of Oil and Fat, Bread and Cereals, Potatoes, Yam and Other Tubers, Fish, Fruits, Meat, Vegetable, and Food Products.With APC re-elected?
Read Reactions:
“This inflation would touch the sky. Get ready for season 2 of unending drama at the detriment of poor and dying citizens.”
“I will make #1 = $1
Na the result be this…… Serious Inflation. Despite all the Economic Reforms and meetings that PMB wasted Taxpayers money to attend, this is the result.”
“Inflation haven’t even started, with the way things are going, very soon inflation will be so high that it will be dragging space with Aeroplane in the sky.”
“As expected, we don’t know the amount of damage Malami and Emefiele has caused on our economy until in three months time. Those two are saboteurs. They should rot in jail for impoverishing the nationThis happended immediately they announced the criminal as the president elect.”
“Yoruba people are the most tribalistic set of people in Nigeria, I knew what I faced growing up with Yoruba adults just because my Yoruba mum married my dad ‘Delta ibo’.
Tinubu might do well as a president but that doesn’t mean Yoruba people will stop being tribalistic… they have the worst set of mouth when it comes to insults.”
“E no go better for those who vote APC again.”
“Should I quit my job, buy a flight ticket and move back to the UK? Hell no. Job security and the ability to save loads of my earnings is more important.”
“Lol…a clueless party is leading a country so what do you expect? Nigerians must reclaim their mandate.”
“It has not passed 22%? Dano sachet of 50 is almost 120. I was so shocked as it’s been a while i bought sachet milk..omoh”
