According to the latest report from the National Bureau of Statistics (NBS), Nigeria’s headline inflation rate surged year-on-year by 1.8 percentage points to reach an alarming 31.7% in February 2024, up from 29.9% in January of the same year.<\/p>\n\n\n\n
This marks the highest inflation level recorded in 28 years, signifying a concerning economic trend.<\/p>\n\n\n\n
The Consumer Price Index (CPI) report for February 2024 further reveals a notable increase in food inflation, climbing to 37.92% during the period, compared to 35.41% in January 2024.<\/p>\n\n\n\n
The NBS report states, \u201cIn February 2024, the headline inflation rate increased to 31.70% relative to the January 2024 headline inflation rate, which was 29.9%. This represents an increase of 1.8% points compared to the previous month.”<\/p>\n\n\n\n
Analyzing the year-on-year basis, February 2024’s headline inflation rate was 9.79% points higher than that recorded in February 2023, reflecting a worrying trend of rising inflationary pressures over the past year.<\/p>\n\n\n\n
On a month-on-month basis, the headline inflation rate for February 2024 stood at 3.12%, indicating a 0.48% increase from January 2024, highlighting the accelerated pace of inflation within a short period.<\/p>\n\n\n\n
Regarding food inflation, the report notes, \u201cThe food inflation rate in February 2024 was 37.92% on a year-on-year basis, marking a significant 13.57% points increase compared to February 2023.”<\/p>\n\n\n\n
This surge in food inflation was attributed to price hikes in essential commodities such as bread and cereals, potatoes, yam and other tubers, fish, oil and fat, meat, fruit, coffee, tea, and cocoa.<\/p>\n\n\n\n
On a month-on-month basis, February 2024 witnessed a food inflation rate of 3.79%, indicating a 0.58% increase from January 2024, further exacerbating the challenges faced by consumers.<\/p>\n\n\n\n
Geographically, the report highlights variations in food inflation rates across states, with Kogi, Rivers, and Kwara experiencing the highest year-on-year food inflation, while Bauchi, Plateau, and Taraba recorded relatively slower rises.<\/p>\n\n\n\n
Similarly, Adamawa, Yobe, and Borno saw the highest month-on-month food inflation, contrasting with Cross River, Niger, and Abuja, which reported slower increases.<\/p>\n","protected":false},"excerpt":{"rendered":"
According to the latest report from the National Bureau of Statistics (NBS), Nigeria’s headline inflation rate surged year-on-year by 1.8 percentage points to reach an alarming 31.7% in February 2024, up from 29.9% in January of the same year.<\/p>\n","protected":false},"author":14,"featured_media":11234,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[82,1],"tags":[],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/news.ng\/wp-json\/wp\/v2\/posts\/11233"}],"collection":[{"href":"https:\/\/news.ng\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/news.ng\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/news.ng\/wp-json\/wp\/v2\/users\/14"}],"replies":[{"embeddable":true,"href":"https:\/\/news.ng\/wp-json\/wp\/v2\/comments?post=11233"}],"version-history":[{"count":1,"href":"https:\/\/news.ng\/wp-json\/wp\/v2\/posts\/11233\/revisions"}],"predecessor-version":[{"id":11235,"href":"https:\/\/news.ng\/wp-json\/wp\/v2\/posts\/11233\/revisions\/11235"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/news.ng\/wp-json\/wp\/v2\/media\/11234"}],"wp:attachment":[{"href":"https:\/\/news.ng\/wp-json\/wp\/v2\/media?parent=11233"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/news.ng\/wp-json\/wp\/v2\/categories?post=11233"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/news.ng\/wp-json\/wp\/v2\/tags?post=11233"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}