Nigeria’s National Bureau of Statistics (NBS) has announced that the headline inflation rate for the country increased to 31.70% in February 2024 as against the January 2024 headline inflation rate of 29.90%.
The NBS said in its monthly report of the consumer price index which measures inflation on Friday in Abuja that 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 of February 2023.
The report added that 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.
According to the report, the food inflation rate in February was 37.92% on a year-on-year basis, which was 13.57% higher when compared to 24.35% recorded in February 2023.
It added that 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.
GIK/APA