In February 2024, the headline inflation rate in Nigeria rose to 31.70%, indicating an increase of 1.80%, when compared to the 29.90% recorded in January.
This is contained in the latest consumer price index and inflation report by the National Bureau of Statistics released on Friday.
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 February 2023.
The food inflation rate, which is of concern to many Nigerians in February 2024 increased further to 37.92% on year-on-year basis, and increased to 3.79% on month-on-month basis.
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The rise in food inflation on 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.
In February 2024, food inflation on a year-on-year basis was highest in Kogi state, followed by, rivers and Kwara while Bauchi, plateau and Taraba recorded the slowest rise in food inflation on year-on-year basis.
However, on a month-on-month basis, February 2024 food inflation was highest in Adamawa, Yobe and Borno while Cross-river Niger and FCT, Abuja recorded the slowest rise in food inflation.
(Editor: Terverr Tyav)
