Business

BREAKING: Nigeria’s Headline Inflation Rate Surges To 31.70% In February 2024

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:

Ozioma Samuel-Ugwuezi

Recent Posts

CAC Removes Innoson, Daitama, 80,000 Dormant Companies From Register For Ignoring Annual Return Deadlines

The CAC has removed dormant companies that failed to file annual reports for 10 years…

6 hours ago

NEC Gives Kwara, Kebbi, Adamawa One Week To Submit State Police Reports

NEC has set a one-week deadline for Kwara, Kebbi, and Adamawa to submit state police…

8 hours ago

Amazon Faces Potential EU Investigation Over Preferential Treatment Of Own Products

Amazon may face an EU investigation over preferential treatment of its own products under the…

8 hours ago

Akpabio Hails Igbo Resilience + Ndume Begs Senate To Allow Ubah’s Widow Succeed Him – Trending With Ojy Okpe

https://cdn.veri.app/a21afe40-c7c7-4a5c-b145-4fc72382ab4b.mp4 Senate President, Godswill Akpabio, during the night of tribute, held in honour of the…

8 hours ago

Kano Governor Yusuf Reunites 76 Pardoned Minors To Families

The Kano State government has reunited 79 pardoned minors accused of looting in the #End…

9 hours ago

Matt Gaetz Steps Down as Trump’s Attorney General Pick

Matt Gaetz has announced that he is withdrawing his name from consideration as Donald Trump’s…

9 hours ago