Nigeria's Inflation Rate Reaches 28-Year High, NBS Report Shows

A report released by the National Bureau of Statistics (NBS) indicates that Nigeria's headline inflation rose to 31.7% in February 2024, up from 29.9% in January 2024. This figure represents the highest level of inflation recorded in the country in 28 years.

The Consumer Price Index report for February 2024 also revealed that food inflation increased to 37.92% in February from 35.41% in January 2024.

The report stated:

"In February 2024, the headline inflation rate increased to 31.70% relative to the January 2024 headline inflation rate, which was 29.9%. Looking at the movement, the February 2024 headline inflation rate showed an increase of 1.8 percentage points compared to the January 2024 headline inflation rate.

"On a year-on-year (YoY) basis, the headline inflation rate was 9.79 percentage points higher compared to the rate recorded in February 2023, which was 21.91%.

"Furthermore, on a month-on-month (MoM) 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%).

"The food inflation rate in February 2024 was 37.92% on a YoY basis, which was 13.57 percentage points higher compared to the rate recorded in February 2023 (24.35%).

"The rise in food inflation on a year-on-year basis was caused by increases in the prices of bread and cereals, potatoes, yam and other tubers, fish, oil and fat, meat, fruit, coffee, tea, and cocoa.

"On a MoM basis, the food inflation in February 2024 was 3.79%; this was 0.58% higher compared to the rate recorded in January 2024 (3.21%).

"In February 2024, food inflation on a year-on-year basis was highest in Kogi (46.32%), Rivers (44.34%), and Kwara (43.5%), while Bauchi (31.46%), Plateau (32.56%), and Taraba (33.23%) recorded the slowest rise in food inflation on a year-on-year basis.

"On a MoM basis, however, 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 on a MoM basis."