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:
Gbadebo Rhodes-Vivour has condemned the commercialisation of GMO seeds, warning of threats to Nigeria’s food…
Oleksandr Usyk has secured victory over Tyson Fury in Riyadh, successfully defending his heavyweight championship…
Albania plans a one-year TikTok ban from January after a schoolboy’s death sparks concerns over…
A suspect accused of killing five people by driving into a crowded Christmas market in…
A US Navy F/A-18 Hornet was mistakenly shot down over the Red Sea by the…
NNPC has reduced petrol ex-depot price to N899 per litre, sparking competition with Dangote Refinery…