The National Bureau of Statistics (NBS) said the average inflation rate increased year-on-year (YoY) by 1.8 percentage points to 31.7 percent in February 2024 from 29.9 percent in January 2024.
“This is the highest rate of inflation that has been noted in the last 28 years.
Headline Inflation Jumbs By 1.8% in February
“In its Consumer Price Index (CPI) report for February 2024, the Bureau revealed this and noted that food inflation also rose over time, rising to 37.92 percent from 35.41 percent in January 2024.
According to NBS, “the headline inflation rate increased to 31.70% in February 2024 compared to 29.9% in January 2024.”
“Observing the movement, the headline inflation rate for February 2024 increased by 1.8% points in comparison to the headline inflation rate for January 2024.
“The headline inflation rate was 9.79% points higher year over year (YoY) than the rate that was recorded in February 2023, which was 21.91%.
“This indicates that, in comparison to the same month in the previous year (February 2023), the headline inflation rate (on a year-over-year basis) increased in February 2024.
“Moreover, the headline inflation rate for February 2024 was 3.12% on a month-over-month (MoM) basis, which was 0.48% higher than the rate for January 2024 (2.64%).
“This indicates that the average price level increased at a faster rate in February 2024 than it did in January 2024.”
Regarding food inflation, it said as follows: “On a year-over-year basis, the rate of food inflation in February 2024 was 37.92%, signifying a 13.57% increase over the rate observed in February 2023 (24.35%).”
“The cost increases of bread and cereals, potatoes, yam and other tubers, fish, oil and fat, meat, fruit, coffee, tea, and cocoa were the main contributors to the annual increase in food inflation.
“According to a measure of change on a monthly basis, food inflation in February 2024 was 3.79%, which was 0.58% higher than the rate noted 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.”