The National Bureau of Statistics (NBS), says Nigeria’s headline inflation rate increased to 21.91 per cent on a year-on-year basis in February 2023.

This is according to the NBS Consumer Price Index (CPI) and Inflation Report for February 2023 released in Abuja on Wednesday.

According to the report, the figure is 6.21 per cent points higher compared to the 15.70 per cent recorded in February 2022.

It said on a month-on-month basis, the Headline inflation rate in February 2023 was 0.09 per cent higher than the rate recorded in January 2023 at 21.82 per cent.

The report said the increase in the inflation rate was largely attributed to the rise in Bread and Cereal at 21.67 per cent.