In February 2024, Nigeria witnessed a surge in its headline inflation rate, reaching 31.70%, up from 29.90% recorded in January 2024, marking a significant increase of 1.80%.
On an annual basis, February 2024’s inflation rate showed a stark contrast, standing at 9.79% higher than the rate of 21.91% recorded in February 2023.
Moreover, the month-on-month headline inflation rate in February 2024 reached 3.12%, indicating a notable increase of 0.48% from January 2024’s rate of 2.64%.
Food inflation, which accounts for the bulk of Nigeria’s inflation basket, continued to climb and hit 37.92% in February.
This data underscores a concerning trend, suggesting that the pace at which average prices escalated in February 2024 surpassed the rate of price increase observed in January 2024.
This also raises the prospects of a rate hike in the next MPC meeting.
Details to come later
Ozioma Samuel-Ugwuezi
Follow us on:
