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Nigeria's headline inflation has risen to 31.70%, an increase from the 29.90% reported in January, according to the National Bureau of Statistics (NBS).

Nigeria's inflation hits 31.70% in February as food prices surge | Pulse Nigeria

Adekunle Agbetiloye

<ul><li>Nigeria's headline inflation has risen to&nbsp;31.70%.</li><li>The headline inflation rate for February 2024 showed an increase of 1.80% point increase compared to January 2024.</li><li>Food inflation rate soared to 37.92% year-on-year.</li></ul>

Analysing the data, the headline inflation rate for February 2024 showed an increase of 1.80% point increase compared to January 2024.

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%.

On a month-on-month basis, the February 2024 headline inflation rate of 3.12% was 0.48% higher than January 2024's rate of 2.64%.

Items that contributed to the increase in the headline index include food &amp; non-alcoholic beverages, housing, water, electricity, gas &amp; other fuel, clothing &amp; footwear, transport, among others.

Urban inflation: On a year-on-year basis, in February 2024, the Urban inflation rate was 33.66%, this was 10.87% points higher compared to the 22.78% recorded in February 2023.

Rural inflation: On a year-on-year basis, in February 2024, the rural inflation rate was 29.99%. This was 8.89% higher than the 21.10% recorded in February 2023.

In February 2024, the food inflation rate soared to 37.92% year-on-year, a significant 13.57 percentage point increase from February 2023's rate of 24.35%.

On a month-on-month basis, the Food inflation rate in February 2024 was 3.79% this was 0.58% higher compared to the rate recorded in January 2024 (3.21%).

This surge in food inflation was primarily driven by a rise in the average prices of Bread and Cereals, Potatoes, Yam &amp; Other Tubers, Fish, Coffee, Tea, and Cocoa.

Nigeria's inflation hits 31.70% in February as food prices surge

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