The National Bureau of Statistics (NBS) reported that the headline inflation rate in Nigeria escalated year-on-year (YoY) by 1.8 percentage points to 31.7% in February 2024 from 29.9% in January 2024.
This marks the highest level of inflation recorded in 28 years.
According to the Bureau’s Consumer Price Index (CPI) report for February 2024, food inflation also surged to 37.92% during the period, up from 35.41% in January 2024.
The NBS stated: “In February 2024, the headline inflation rate rose to 31.70% compared to the January 2024 headline inflation rate of 29.9%.
“Analyzing the movement, the February 2024 headline inflation rate showed an increase of 1.8% points compared to the January 2024 headline inflation rate.
“On a year-on-year (YoY) basis, the headline inflation rate was 9.79% points higher compared to the rate recorded in February 2023, which stood at 21.91%.
“This indicates that the headline inflation rate (YoY basis) increased in February 2024 compared to the same month in the preceding year (i.e., February 2023).
“Furthermore, on a month-on-month (MoM) 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 implies that in February 2024, the rate of increase in the average price level exceeded that of January 2024.”
Regarding food inflation, it noted: “The food inflation rate in February 2024 was 37.92% on a YoY basis, marking a 13.57% increase compared to the rate recorded in February 2023 (24.35%).
“The surge in food inflation on a year-on-year basis was attributed to price increases in bread and cereals, potatoes, yam and other tubers, fish, oil and fat, meat, fruit, coffee, tea, and cocoa.
“On a MoM basis, food inflation in February 2024 stood at 3.79%; this was 0.58% higher compared to the rate recorded in January 2024 (3.21%).
“In February 2024, food inflation on a year-on-year basis was highest in Kogi (46.32%), Rivers (44.34%), and Kwara (43.5%), while Bauchi (31.46%), Plateau (32.56%), and Taraba (33.23%) recorded the slowest rise in food inflation on a year-on-year basis.
“On a MoM basis, however, February 2024 food inflation was highest in Adamawa (5.61%), Yobe (5.60%), and Borno (5.60%), while Cross River (2.08%), Niger (2.56%), and Abuja (2.60%) recorded the slowest rise in food inflation on a MoM basis.”