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Nigeria’s inflation rate has risen to 31.70% in February as against 29.90% recorded in January, according to data released on Friday by Nigeria’s Bureau of Statistics (NBS). Inflation in Africa’s biggest economy and most populous nation has not climbed so high since mid-1996, eroding incomes and savings, and worsening a cost-living crisis. The rising costs of living have since triggered protests in several parts of the country.
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 data showed that on a year-on-year basis, Nigeria’s headline inflation rate was 9.79 percent higher, compared to 21.91 percent recorded in February 2023.
This shows that the headline inflation rate (on a year-on-year basis) increased in February 2024 compared to the same month in the preceding year, stated the NBS. Meanwhile, the food inflation rate in February was 37.92 percent on a year-on-year basis. This was 13.57 percent higher when compared to the rate recorded in February 2023 (24.35 percent), according to the report.
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The weaker naira, which suffered a second devaluation in less than a year last month, is a key factor behind price pressures alongside energy and logistics costs associated with infrastructure problems. The food and non-alcoholic beverages category was the biggest driver of inflation in January in annual terms.
