March 15, (THEWILL) – Nigeria’s inflation rate rose to 31.70 per cent in February from 29.90 per cent recorded in January 2024. This figure indicates an increase of 1.80 per cent, the National Bureau of Statistics said in its latest CPI and inflation report released on Friday.
This indicates that in February 2024, the rate of increase in the average price level was more than the rate of increase in the average price level in January 2024.
The report read, “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.over N3.7tn budget
Comparatively, on an annual basis, February 2024’s inflation rate was 9.79 per cent higher than the 21.91 per cent recorded in February 2023.
Also, the month-on-month headline inflation rate in February 2024 reached 3.12%, an increase of 0.48% from January 2024’s rate of 2.64%.
This indicates that the pace at which average prices rose in February 2024 exceeded the rate of price increase in January 2024.
About the Author
Sam Diala is a Bloomberg Certified Financial Journalist with over a decade of experience in reporting Business and Economy. He is Business Editor at THEWILL Newspaper, and believes that work, not wishes, creates wealth.
