15th March, 2024
By Kazeem Ugbodaga
Nigeria’s inflation has jumped to 31.70 per cent in February 2024, according to report from the National Bureau of Statistics (NBS) on Friday.
the February 2024 headline inflation rate showed an increase of 1.80% points when compared to the January 2024 headline inflation rate, which stood at 29.90 per cent.
According to NBS, “In February 2024, the headline inflation rate increased to 31.70% relative to the January 2024 headline inflation rate which was 29.90%.
“Looking at the movement, the February 2024 headline inflation rate showed an increase of 1.80% points when compared to the January 2024 headline inflation rate.
“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%,” the Bureau reports.
The NBS report 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 report reveals that 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.
The NBS added that on a year-on-year basis, in February 2024, the Urban inflation rate was 33.66%, which 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 NBS said.