Nigeria's Inflation Rate Increases Once More To 31.7% — NBS

In February 2024, the headline inflation rate in Nigeria climbed to 31.70%, compared to 29.90% in January of same year.

Studying the movement, it was found that the headline inflation rate for February 2024 increased by 1.80 percentage points from January 2024.

The study was released on Friday by the National Bureau of Statistics, which ascribed the increase to the rising cost of food goods.

The headline inflation rate was 9.79 percent higher year over year than it was in February 2023 (21.91 percent), according to the NBS.

This demonstrates that, in comparison to the same month in the previous year, February 2023, the headline inflation rate increased in February 2024 (year over year).

In addition, the headline inflation rate for February 2024 was 3.12% on a month-over-month basis, 0.48 percent higher than the 2.64 percent rate for January 2024.

This indicates that the average price level will rise at a faster rate in February 2024 than it did in January 2024.

The NBS said, “The percentage change in the average CPI for the 12-month ending February 2024 over the average of the CPI for the previous 12-month period was 26.18 per cent, showing a 6.31 per cent increase compared to 19.87 per cent recorded in February 2023.”