Nigeria's inflation rose to 31.70% in February, NBS says

Nigeria's inflation rate increased from 29.90% in January 2024 to 31.70% in February.

In its most recent CPI and inflation data, which was made public on Friday, the National Bureau of Statistics stated that this number represents an increase of 1.80%.

The aforementioned suggests that the average price level increased at a faster rate in February 2024 compared to 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.”

In February 2024, the annual inflation rate was 9.79 percent greater than that of February 2023, which was recorded at 21.91 percent.

Additionally, in February 2024, the headline inflation rate increased by 0.48% from January 2024's rate of 2.64% to 3.12% month over month.

This suggests that the average price growth rate in February 2024 was higher than the price growth rate in January 2024.

The NBS further stated, “Looking at the movement, the February 2024 headline inflation rate showed an increase of 1.80 percent points when compared to the January 2024 headline inflation rate. On a year-on-year basis, the headline inflation rate was 9.79 percent points higher compared to the rate recorded in February 2023, which was 21.91 percent.

“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 (i.e., February 2023).

“Furthermore, on a month-on-month basis, the headline inflation rate in February 2024 was 3.12 percent, which was 0.48 percent higher than the rate recorded in January 2024 (2.64 percent).”

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