The National Bureau of Statistics says Nigeria’s headline inflation has surged to 31.70 percent in February.
This marks a notable increase from the 29.90 percent recorded in January 2024.
The NBS disclosed this on Friday afternoon, highlighting a 1.80 percent rise from January’s figures, as indicated in the Consumer Price Index and Inflation Report for February.
The report stated that in February 2024, the headline inflation rate increased to 31.70% compared to January 2024’s 29.90%.
It pointed out that the February 2024 headline inflation rate witnessed a 1.80% point increase compared to January 2024.
On a year-on-year basis, Nigeria’s headline inflation rate for February 2024 stood at 9.79 percentage points higher than that of February 2023, which was 21.91%.
Simultaneously, Nigeria’s food inflation rate in February 2024 soared to 37.92% on a year-on-year basis, surging by 13.57% points from February 2023’s rate of 24.35%.
“The surge in food inflation is attributed to price hikes in bread and cereals, potatoes, yam and other tubers, fish, oil and fat, meat, fruit, coffee, tea, and cocoa,” the report noted.
The cost of food items has surged exponentially across the country following the removal of fuel subsidies and the flotation of the naira as well as the forex.
Protests have also erupted in some states, like Oyo, Niger, Sokoto, Kano, and Ondo, in response to the soaring cost of living and to demand solutions to the economic downturn.
Nigeria’s Inflation For February Surges To 31.70%
