NIGERIA’s headline inflation has moved to 31.70 percent in February, according to the latest data by the National Bureau of Statistics (NBS).
The NBS released the figure on Friday afternoon with the latest data a rise from the 29.90 percent recorded in January 2024.
According to the NBS Consumer Price Index and Inflation Report for February, the hike represents a 1.80 percent increase from what was recorded in January.
“In February 2024, the headline inflation rate increased to 31.70% relative to the January 2024 headline inflation rate which was 29.90%,” the report read partly.
“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.”
The data showed that on a year-on-year basis, Nigeria’s headline inflation rate was 9.79 percent 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),” the NBS said.
Meanwhile, Nigeria’s food inflation rate in February was 37.92% on a year-on-year basis. This was 13.57% points higher compared to the rate recorded in February 2023 (24.35%), it said.
“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,” the report read.
