INFLATION soars amid currency chaos   

Feb 15 (Lagos) - Inflation continued to soar amid the Naira currency shortages due to the recent re-design of the currency by the CBN. In January the inflation number rose to 21.82% which is up 0.48% month on month. Even more alarming was the rise in food inflation which came in at 24.32%, up by more than 2% month on month. 

On a monthly basis, the headline index grew by 1.87% in January (vs 1.71% in December).

The core index grew by 1.82% M-o-M in January vs. 1.33% in December,  while the food sub-index grew by 2.08% M-o-M compared to 1.89% in December.

The urban inflation rate rose to 22.55% Y-o-Y (vs 22.01% Y-o-Y in December 2022).

The rural inflation rate also climbed to 21.13% Y-o-Y (vs 20.72% Y-o-Y in December 2022).

CBN increased the benchmark lending rate to fight inflation however the yields on short term T-bills declined which signaled that something is not right to investors. 

The elections later this year is an opportunity for Nigerians to put a good administration in place. Even if we can go back to the 2000-2010 kind of leadership in Abuja, it will be a huge achievement at this point. 

reporting for on Wednesday, February 15 2022 from Lagos, Nigeria

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