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Inflationary pressure in Nigeria has continued on a rise with the National Bureau of Statistics (NBS) data showing that headline inflation rate increased to 31.70% relative to the January 2024 headline inflation rate which was 29.90%.
That implies that in February 2024, the rate of increase in the average price level was more than the rate of increase in the average price level in January 2024.
The February 2024 inflation rate showed an increase of 1.80% points when compared to the January 2024 headline inflation rate. 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%.
According to the latest NBS figure released on Friday, the headline inflation rate increased in the month of February 2024 when compared to the same month in the preceding year (February 2023). 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%).
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