Nigeria’s inflation hits 31.7%

Inflation Market Lagos


Nigeria’s inflation rate rose to 31.7 per cent in February from 29.9 percent recorded in January 2024. The figure indicates an increase of 1.80 percent, the National Bureau of Statistics (NBS) said in its latest CPI and inflation report released on Friday.

The figure indicates that in February, the rate of increase in the average price level was more than the rate of increase in the average price level in January 2024.

February 2024’s inflation rate was 9.79 percent higher than the 21.91 percent recorded in February 2023.

“Looking at the movement, the February 2024 headline inflation rate showed an increase of 1.80 per cent points when compared to the January 2024 headline inflation rate. On a year-on-year basis, the headline inflation rate was 9.79 per cent points higher compared to the rate recorded in February 2023, which was 21.91 per cent.

“This shows that the headline inflation rate (year-on-year basis) increased in the month of February 2024 when compared to the same month in the preceding year (i.e. February 2023).

“Furthermore, on a month-on-month basis, the headline inflation rate in February 2024 was 3.12 percent, which was 0.48 percent higher than the rate recorded in January 2024 (2.64 percent),” NBS said.

Copyright Ships & Ports Ltd. Permission to use quotations from this article is granted subject to appropriate credit given to as the source.