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Nigeria’s inflation rate hits 31.70% in February 2024 – NBS

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Inflation is soaring in Nigeria and globally

Nigeria’s inflation rate soared to 31.70% in February 2024, continuing its upward trend, the government statistic agency has revealed.

The National Bureau of Statistics, NBS, reported this in its Consumer Price Index report for February 2024.

From the 29.90% recorded for the month of January, Nigeria’s inflation rate for the month of February increased by 1.80%.

“In February 2024, the headline inflation rate increased to 31.70% relative to the January 2024 headline inflation rate which was 29.90%. Looking at the movement, the February 2024 headline inflation rate showed an increase of 1.80% points when compared to the January 2024 headline inflation rate.

“On a year-on-year basis, the headline inflation rate was 9.79% points higher compared to the rate recorded in February 2023, which was 21.91%. This shows that the headline inflation rate (year-on-year basis) increased in the month of February 2024 when compared to the same month in the preceding year (i.e., February 2023).

“Furthermore, on a month-on-month basis, the headline inflation rate in February 2024 was 3.12%, which was 0.48% higher than the rate recorded in January 2024 (2.64%). This means that in February 2024, the rate of increase in the average price level is more than the rate of increase in the average price level in January 2024.” The NBS stated in it’s report on Nigeria’s inflation rate.

Food inflation continued to be a significant factor in Nigeria’s inflation rate’s unrelenting rise, rising to 37.92% year over year and 13.57% points higher than the rate recorded in February 2023 (24.35%).

The report further stated, “The Food inflation rate in February 2024 was 37.92% on a year-on-year basis, which was 13.57% points higher compared to the rate recorded in February 2023 (24.35%). The rise in Food inflation on a year-on-year basis was caused by increases in prices of Bread and cereals, Potatoes, Yam and other Tubers, Fish, Oil and fat, Meat, Fruit, Coffee, Tea, and Cocoa.

“On a month-on-month basis, the Food inflation rate in February 2024 was 3.79% this was 0.58% higher compared to the rate recorded in January 2024 (3.21%). The rise in the Food inflation on a Month-on-Month basis was caused by a rise in the rate of increase in the average prices of Bread and Cereals, Potatoes, Yam & Other Tubers, Fish, Coffee, Tea, and Cocoa.

“The average annual rate of Food inflation for the twelve months ending February 2024 over the previous twelve-month average was 30.07%, which was a 7.95% points increase from the average annual rate of change recorded in February 2023(22.12%).”

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