BREAKING: Inflation rate increases further to 31.70% in February, says NBS

The National Bureau of Statistics (NBS) disclosed that Nigeria’s inflation rate rose by 180 basis points  in February to 31.70per cent year-on-year  (y/y) from 29.90 per cent  reported January 2024.

According to NBS, food inflation increased significantly by 251 basis points to 37.92per cent from 35.41per cent.

The increase in Food inflation on a year-on-year basis was influenced by an uptick in prices of Bread and cereals, Potatoes, Yam and other Tubers, Fish, Oil and fat, Meat, Fruit, Coffee, Tea, and Cocoa. On a month-on-month basis, food inflation increased by 3.79per cent, relative to the 3.21 per cent m/m recorded in the previous month.

 Likewise, the core inflation (All items less farm produce and energy) surged by 154bps to 25.13 per cent y/y (January: 23.59 y/y). The highest increases were recorded in prices of Passenger Transport by Road, Actual and Imputed Rentals for Housing, Medical Services, Pharmaceutical products, etc. However, on a monthly basis, the core index eased by 7bps to 2.17 per cent in February (January: 2.24 per cent m/m).