The inflation rate in Nigeria surged to 31.70% in February from 29.90 in January.
According to the latest Consumer Price Index (CPI) report by the National Bureau of Statistics (NBS), the increase represents a 1.80 percent hike from what was recorded in January.
"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."
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%.
NBS revealed that on a month-on-month basis, the Food inflation rate in February 2024 was 3.79% this was
0.58% higher compared to the rate recorded in January 2024 (3.21%).
It attributed the rise in the food inflation on a Month-on-Month basis to a rise in the rate of increase in the average prices of Bread and Cereals, Potatoes, Yam & Other Tubers, Fish, Coffee, Tea, and Cocoa
The report also revealed that the highest increases were recorded in prices of Passenger Transport by Road, Actual and Imputed Rentals for Housing, Medical Services, Pharmaceutical products, etc.
Food Inflation Rate by States
Looking at the rate of food inflation on a year-on-year basis according to states, the report revealed that Kogi State with 46.32% was the highest.
Kogi was closely followed by "Rivers (44.34%), and Kwara (43.05%), while while Bauchi (31.46%), Plateau (32.56%), and Taraba (33.23%) recorded the slowest rise on year-on-year food inflation."
However, on a month-on-month basis, "February 2024 Food inflation was highest in Adamawa (5.61%), Yobe (5.60%), and Borno (5.60%), while Cross River (2.08%), Niger (2.56%), and Abuja(2.60%) recorded the slowest rise in Food inflation," the report said.
