Nigeria’s inflation rate rose to 31.70% in February: NBS

Nigeria’s inflation rate rose to 31.70% in February: NBS

The National Bureau of Statistics (NBS) says Nigeria’s headline inflation rate increased to 31.70% in February 2024.

The NBS said this in its February Consumer Price Index (CPI) and inflation report, which was released in Abuja on Friday.

According to the report, the figure is 1.80% higher than the 29.90% recorded in January 2024.

It said on a year-on-year basis, the headline inflation rate in February 2024 was 9.79% higher than the rate recorded in February 2023 at 21.91%.

In addition, the report said on a month-on-month basis, the headline inflation rate in February 2024 was 3.12%, which was 0.48% higher than the rate recorded in January 2024 at 2.64%.

“This means that in February 2024, the rate of increase in the average price level is more than the rate of increase in the average price level in January 2024,’’ NBS said.

The report said the increase in the headline index for February 2024 on a year-on-year basis and month-on-month basis was attributed to the increase in some items in the basket of goods and services at the divisional level.

It said the increases were observed in food and non-alcoholic beverages, housing, water, electricity, gas, fuel, clothing and footwear, and transport.

Others were furnishings, household equipment and maintenance, education, health, miscellaneous goods and services, restaurants and hotels, alcoholic beverages, tobacco and kola, recreation and culture, and communication

It said the percentage change in the average CPI for the 12 months ending February 2024 over the average for the previous corresponding 12-month period was 26.18%.

“This indicates a 6.31% increase compared to 19.87% recorded in February 2023.”

The report said the food inflation rate in February 2024 increased to 37.92% on a year-on-year basis, which was 23.57% higher compared to the rate recorded in February 2023 at 24.35%.

“The rise in food inflation on a year-on-year basis is caused by increases in prices of bread and cereals, potatoes, yam and other tubers, fish, oil and fat, meat, fruit, coffee, tea, and cocoa,” the bureau stated.

It said on a month-on-month basis, the food inflation rate in February was 3.79%, which was a 0.58% increase compared to the rate recorded in January 2024 at 3.21%.

“The rise in food inflation on a month-on-month basis was caused by an increase in the average prices of bread and cereals, potatoes, yam and other tubers, fish, coffee, tea, and cocoa,” it stated.

The report said, “All items less farm produce and energy or core inflation, which excludes the prices of volatile agricultural produce and energy, stood at 25.13% in February on a year-on-year basis. This increased by 6.76% compared to 18.37% recorded in February 2023.’

“The exclusion of the PMS is due to the deregulation of the commodity by removal of subsidy.’’

It said the highest increases were recorded in prices of passenger transport by road, actual and imputed rentals for housing, medical services, pharmaceutical products, etc.

The NBS said on a month-on-month basis, the core inflation rate was 2.17% in February 2024, noting, “This indicates a 0.07% drop compared to what was recorded in January 2024 at 2.24%.

“The average 12-month annual inflation rate was 21.17% for the 12 months ending February 2024. This was 4.97% points higher than the 16.75% recorded in February 2023.”

The report said on a year-on-year basis in February 2024, the urban inflation rate was 33.66%, which was 10.87 per cent higher compared to the 22.78% recorded in February 2023.

“On a month-on-month basis, the urban inflation rate was 3.17 per cent in February representing a 0.45% increase compared to January 2024 at 2.72%,” it said.

The report said on a year-on-year basis in February 2024, the rural inflation rate was 29.99%, which was 8.89% higher compared to the 21.10% recorded in February 2023.

“On a month-on-month basis, the rural inflation rate was 3.07%, which increased by 0.50% compared to January 2024 at 2.57%,” NBS added.

                                                                                                                NAN, Mar15, 2024