Nigeria’s Inflation Rate Hit 31.70% In February

National Bureau of Statistics (NBS) has said that Nigeria’s inflation rate rose to 31.70 per cent in February from 29.90 per cent recorded in January 2024.

CityMirrorNews reports that this figure indicates an increase of 1.80 per cent in its latest CPI and inflation report released on Friday.

According to the NBS latest Consumer Price Index and Inflation Report, on a year-on-year basis, the headline inflation rate was 9.79 per cent points higher than the rate recorded in February 2023, which was 21.91 per cent.

This shows that the headline inflation rate (year-on-year basis) increased in February 2024 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 per cent, 0.48 per cent higher than in January 2024 (2.64 per cent).

The implication is that the rate of increase in the average price level is more than in the average price level in January 2024.

Similarly, food inflation rose to 37.92 per cent in February from 35.41 per cent recorded in January 2024.

Accordingly, this is the 13th straight time the country’s inflation soared without respite.

Recalls that last month, the Central Bank of Nigeria raised the monetary policy rate, known as the interest rate, by 400 basis points to 22.75 per cent from 18.5 per cent.