Nigeria’s Inflation Rate Hits 31.7% -NBS


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The Latest Consumer Price Index (CPI) report released by the National Bureau of Statistics (NBS) on Friday shows that the nation’s headline inflation rate increased to 31.70 percent in February 2024, relative to the 29.90 percent recorded in January 2024.

NBS said, looking at the movement, the February 2024 headline inflation rate showed an increase of 1.80% points when compared to the January 2024 headline inflation rate.

The Bureau said, 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%.

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%, which was 0.48% higher than the rate recorded in January 2024 (2.64%).

This means that in February 2024, the rate of increase in the average price level is more than the rate of increase in the average price level in January 2024.

NBS said, the food inflation in February 2024 was 37.92% on a year-on-year basis, which was 13.57% points higher compared to the rate recorded in February 2023 (24.35%).

The rise in Food inflation on a year-on-year basis, according to the Bureau was caused by increases 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, 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%).

The rise in the Food inflation on a Month-on-Month basis was caused by a rise in the rate of increase in the average prices of Bread and Cereals, Potatoes, Yam & Other Tubers, Fish, Coffee, Tea, and Cocoa.

The average annual rate of Food inflation for the twelve months ending February 2024 over the previous twelve-month average was 30.07%, which was a 7.95% points increase from the average annual rate of change recorded in February 2023(22.12%).

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.

On a month-on-month basis, the Urban inflation rate was 3.17% in February 2024, this was 0.45% points higher compared to January 2024 (2.72%).

The corresponding twelve-month average for the Urban inflation rate was 27.93% in February 2024. This was 7.48% points higher compared to the 20.45% reported in February 2023.

RURAL INFLATION
The Rural inflation rate in February 2024 was 29.99% on a year-on-year basis; this was 8.89% higher compared to the 21.10% recorded in February 2023.

On a month-on-month basis, the Rural inflation rate in February 2024 was 3.07%, up by 0.50% points compared to January 2024 (2.57%).

The corresponding twelve-month average for the Rural inflation rate in February 2024 was 24.61%. This was 5.28% higher compared to the 19.33% recorded in February 2023.


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