The National Bureau of Statistics (NBS) has announced a significant year-on-year increase in Nigeria’s headline inflation rate, soaring to 31.7% in February 2024 from 29.9% in January 2024.T
The Bureau disclosed this in its Consumer Price Index, CPI, report for February 2024, noting that food inflation also increased to 37.92 per cent during the period from 35.41 per cent in January 2024
According to the report, factors contributing to this uptick include rising prices of bread, cereals, potatoes, yam, fish, oil, meat, fruit, coffee, tea, and cocoa. On a month-on-month basis, the food inflation rate in February 2024 reached 3.79%, with Kogi, Rivers, and Kwara experiencing the highest year-on-year increases.
