Nigeria’s headline inflation rate has increased to 31.70% from 29.90% in January 2024, marking an increase of 1.80%.
The National Bureau of Statistics (NBS) disclosed this in its Consumer Price Index and Inflation Report on Friday, March 14, 2024.
According to the NBS, on an annual basis, February 2024’s inflation rate was 9.79% higher than the 21.91% recorded in February 2023.
Additionally, the month-on-month headline inflation rate in February 2024 reached 3.12%, an increase of 0.48% from January 2024’s rate of 2.64%.
This indicates that the pace at which average prices rose in February 2024 exceeded the rate of price increase in January 2024.
Food inflation surged to 37.92%, driven by elevated average prices of essential items such as bread and cereals, potatoes, yams and other tubers, fish, coffee, tea, and cocoa.
This marked a significant uptick from the 24.35% food inflation rate recorded in February 2023, representing a 13.57% increase. In a month-to-month comparison, February 2024 witnessed a 3.79% food inflation rate, indicating a 0.58% rise from January 2024’s rate of 3.21%.
The escalation in month-to-month food inflation was primarily propelled by the accelerated price growth of bread and cereals, potatoes, yams and other tubers, fish, coffee, tea, and cocoa.
Friday’s inflation figures underscore the ongoing efforts by authorities to address the mounting cost of living in the country. Key factors contributing to this surge include the removal of fuel subsidies on petroleum and the decision to float the naira.
These policy changes have had a significant impact on driving up prices across various sectors. The resulting increase in living expenses has sparked protests in several regions, reflecting the growing concerns among Nigerians.
Despite these challenges, the government remains committed to implementing measures to alleviate the economic burden on its citizens and mitigate the effects of inflation.
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