In February 2024, Nigeria’s headline inflation rate rose to 31.70%, up from 29.90% in January 2024, marking an increase of 1.80%.
Comparatively, 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 climbed to 37.92% on the back of higher average prices of items like bread and cereals, potatoes, yams and other tubers, fish, coffee, tea, and cocoa.
This represented a 13.57% increase from the 24.35% food inflation rate recorded in February 2023. In the month-to-month analysis, February 2024’s food inflation rate was 3.79%, showing a 0.58% rise from January 2024’s rate of 3.21%.
