Nigeria’s inflation rises to 31.7% in February, NBS

Nigeria inflation reaches its highest level in 28 years as National Bureau of Statistics, NBS, said the headline inflation rate increased year-on-year, YoY, by 1.8 percentage points to 31.7 percent in February from 29.9 percent in January 2024.

The Bureau disclosed this in its Consumer Price Index, CPI, report for February 2024, noting that food inflation also increased to 37.92 percent during the period from 35.41 percent in January 2024.

“In February 2024, the headline inflation rate increased to 31.70% relative to the January 2024 headline inflation rate, which was 29.9%.

“Looking at the movement, the February 2024 headline inflation rate showed an increase of 1.8 % points when compared to the January 2024
headline inflation rate.

“On a YoY 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 increased in the month of February 2024 when compared to the same month in the preceding year.

READ ALSO: Nigeria hits 29.90% surge in inflation, food prices hit 35.41%

“On a month-on-month, MoM, 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,” NBS said.

On food inflation, it stated that the rate in February 2024 was 37.92% on a YoY 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 the prices of bread and cereals, potatoes, yam and other tubers, fish, oil and fat, meat, fruit, coffee, tea, and cocoa.

“On a MoM basis, the food inflation in February 2024 was 3.79%; this was 0.58% higher compared to the rate recorded in January 2024, 3.21%.

“In February 2024, food inflation on a year-on-year basis was highest in Kogi at 46.32%, Rivers at 44.34% and Kwara, 43.5%. Bauchi stood at 31.46%, Plateau at 32.56% and Taraba, 33.23%, recorded the slowest rise in food inflation on a year-on-year basis.

“On a MoM basis, however, February 2024 food inflation was highest in Adamawa at 5.61%, Yobe, 5.60% and Borno, 5.60%.

While Cross River increased at 2.08%, Niger at 2.56% and Abuja at 2.60%, recorded the slowest rise in food inflation on a MoM basis,” the data indicated.

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