According to the most recent figures from the National Bureau of Statistics (NBS), the inflation rate rose to 31.70 percent in February.
The Bureau revealed the statistic on Friday, with the most recent data showing an increase from 29.90 percent in January 2024.
According to the ‘Consumer Price Index and Inflation Report’ for February received by HowNG, the increase was 1.80% more than in January.
“In February 2024, the headline inflation rate increased to 31.70% relative to the January 2024 headline inflation rate which was 29.90%.
“Looking at the movement, the February 2024 headline inflation rate showed an increase of 1.80% points when compared to the January 2024 headline inflation rate,” the report read in part.
The data showed that on a year-on-year basis, Nigeria’s headline inflation rate was 9.79 per cent higher, compared to 21.91 per cent recorded in February 2023.
“This shows that the headline inflation rate (year-on-year basis) increased in February 2024 when compared to the same month in the preceding year (i.e., February 2023),” the NBS said.
Meanwhile, the food inflation rate in February was 37.92 per cent on a year-on-year basis. This was 13.57 per cent higher when compared to the rate recorded in February 2023 (24.35 per cent), according to the report.
“The rise in food inflation on a 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,” the report read.
The data released on Friday came as authorities work to reduce the country’s growing living costs. The withdrawal of petroleum fuel subsidies, as well as the floating of the naira, were important causes for the spike.
Rising living costs have sparked protests across the country, but the administration assures Nigerians that the concerns will be addressed.
Despite growing inflation rates, the Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, has previously voiced optimism for a reduction.
“Inflationary pressures are expected to decline in 2024 due to the CBN’s inflationary targeting policy aiming to rein in inflation to 21.4 per cent, aided by improved agricultural productivity and easy global supply chain pressures.
“The Nigerian foreign exchange market is currently facing increased demand pressures causing a continuous decrease in the value of naira,” he told members of the House of Representatives in February.
