Nigeria’s Inflation Rate Jumps to 31.70% in February

The National Bureau of Statistics (NBS) has reported a surge in Nigeria’s headline inflation rate, reaching 31.70 percent in February, a notable increase from January’s 29.90 percent.

According to the Consumer Price Index and Inflation Report for February released by the NBS on Friday afternoon, there was a 1.80 percent rise from January’s figures.

Comparatively, February 2024 witnessed a significant uptick in headline inflation, with a 1.80% point increase compared to January 2024.

Year-on-year analysis reveals a stark contrast, with Nigeria’s headline inflation rate for February 2024 standing 9.79 percentage points higher than February 2023, which recorded 21.91%.

Commenting on the escalation, the NBS remarked that the rise in headline inflation (year-on-year) in February 2024 compared to February 2023 was concerning.

Simultaneously, Nigeria’s food inflation rate soared to 37.92% on a year-on-year basis in February 2024, surging by 13.57% points from February 2023’s rate of 24.35%.

Attributing the surge in food inflation to price hikes in various commodities, including bread, cereals, potatoes, yam, fish, oil, meat, fruit, coffee, tea, and cocoa, the report highlighted the economic challenges facing the nation.

The removal of fuel subsidies, the floating of the naira, and forex fluctuations have contributed to the exponential rise in food prices across the country, leading to protests in states like Oyo, Niger, Sokoto, Kano, and Ondo.

To mitigate these challenges, the federal government has initiated reforms such as the 35,000 naira wage award to workers, tax rebates, infrastructure development, and the student loan scheme.

President Bola Ahmed Tinubu has urged Nigerians to remain patient, expressing confidence that the ongoing reforms aimed at improving Nigeria’s economic landscape will yield positive results in due course.