Nigeria’s Inflation Sustains Increases Hitting 31.70 Percent In February  …Food Prices Takes Lion Share

Nigeria’s inflationary maintained increases, hitting 31.70 percent for the month of February, 2024, superceding that of previous month with an increase of 1.80 percent, according to statistics released by the National Bureau of Statistics (NBS) Friday.

The Consumer Price Index (CPI) for the Month of January, 2024 was 29.90 percent.

The major driver of the February, 2024 inflation in Nigeria remains cost of foods  and non-alcoholic beverages which took a lion share of the index with 1.61 percent on Month-on-month while on year-on-year, it rates 16.42 percent.

According to NBS, “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 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%, which was 0.48% higher than the rate recorded in January 2024 (2.64%). This means that in February 2024, the rate of increase in the average price level is more than the rate of increase in the average price level in January 2024.

“The percentage change in the average CPI for the twelve-month ending February 2024 over the average of the CPI for the previous twelve-month period was 26.18%, showing a 6.31% increase compared to 19.87% recorded in February 2023.

“On a year-on-year basis, in February 2024, the Urban inflation rate was 33.66%, this was 10.87% points higher compared to the 22.78% recorded in February 2023. On a month-on-month basis, the Urban inflation rate was 3.17% in February 2024, this was 0.45% points higher compared to January 2024 (2.72%). The corresponding twelve-month average for the Urban inflation rate was 27.93% in February 2024. This was 7.48% points higher compared to the 20.45% reported in February 2023.”

The Rural inflation rate in February 2024 was 29.99% on a year-on-year basis; this was 8.89% higher compared to the 21.10% recorded in February 2023. On a month-on-month basis, the Rural inflation rate in February 2024 was 3.07%, up by 0.50% points compared to January 2024 (2.57%). The corresponding twelve-month average for the Rural inflation rate in February 2024 was 24.61%. This was 5.28% higher compared to the 19.33% recorded in February 2023