In February 2024, Nigeria witnessed a surge in headline inflation, reaching 31.70%, marking a notable uptick from January 2024’s rate of 29.90%. This 1.80% increase indicates a concerning trend in the country’s inflationary pressures.
Comparing year-on-year data, February 2024’s inflation rate soared by 9.79% compared to the same period in 2023, where inflation stood at 21.91%. This substantial rise underscores the persistent challenges facing Nigeria’s economic landscape.
Furthermore, the month-on-month analysis reveals a steep climb in headline inflation, reaching 3.12% in February 2024, which represents a 0.48% increase from January 2024’s rate of 2.64%. This acceleration suggests a rapid escalation in the cost of living within a short span.
Food Inflation
Food inflation mirrored the overall trend, surging to 37.92% in February 2024. Notable price increases were observed in essential items such as bread and cereals, potatoes, yams, fish, coffee, tea, and cocoa. This surge indicates a 13.57% jump from the corresponding period in 2023, exacerbating the challenges faced by consumers.
On a month-to-month basis, February 2024 saw food inflation rise to 3.79%, indicating a 0.58% increase from January 2024. The accelerated price growth of key food items contributed significantly to this upward trajectory.
Core Inflation
Core inflation, which excludes volatile agricultural products and energy costs, surged to 25.13% in February 2024, showing a significant increase of 6.76% from February 2023’s rate of 18.37%. Notable price rises were observed in passenger road transport Fares.
