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 easykobo.com on Wednesday, February 15 2022 from Lagos, Nigeria