Inflationary pressures in Nigeria have continued to rise, with the headline inflation rate rising to 31.70% from 29.90% in January 2024, according to National Bureau of Statistics (NBS) data.
That means that the average price level increased at a faster rate in February 2024 than it did in January 2024.
The February 2024 inflation rate increased by 1.80% when compared to the January 2024 headline inflation rate.
On a year-over-year basis, the headline inflation rate was 9.79% points higher than the rate reported in February 2023 (21.91%).
According to the most recent NBS statistic released on Friday, the headline inflation rate increased in February 2024 as compared to the same month the previous year (February 2023).
On a monthly basis, the headline inflation rate in February 2024 was 3.12%, up 0.48% from the rate in January 2024 (2.64%).