Nigeria’s Inflation Rate Rises to 31.70% in February – NBS

March 17, (THEWILL)- Nigeria’s inflation rate soared to 31.70 per cent in February 2024, continuing its upward trend, the National Bureau of Statistics (NBS) said on Friday, in its Consumer Price Index report for February 2024.

According to the Bureau, the February 2024 headline inflation rate showed an increase of 1.80 per cent points, when compared to the January 2024 headline inflation rate.

The NBS report reads in part: “In February 2024, the headline inflation rate increased to 31.70 per cent, relative to the January 2024 headline inflation rate, which was 29.90 per cent.

“Looking at the movement, the February 2024 headline inflation rate showed an increase of 1.80 per cent points, when compared to the January 2024 headline inflation rate.

“On a year-on-year basis, the headline inflation rate was 9.79 per cent points higher, compared to the rate recorded in February 2023, which was 21.91 per cent. This shows that the headline inflation rate (year-on-year basis), increased in 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 per cent, which was 0.48 per cent higher than the rate recorded in January 2024 (2.64 per cent). 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.”

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

According to the NBS, “The Food inflation rate in February 2024 was 37.92 per cent on a year-on-year basis, which was 13.57 per cent points higher, compared to the rate recorded in February 2023 (24.35 per cent). 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 per cent. This was 0.58 per cent higher, compared to the rate recorded in January 2024 (3.21 per cent). 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 per cent, which was a 7.95 per cent points increase from the average annual rate of change recorded in February 2023(22.12 per cent).”