Nigeria’s economic woes have deepened following reports that inflation rate increased year-on-year by 1.8 percentage points to 31.7 per cent in February 2024 from 29.9 percent in January 2024.
Data released on Friday by the National Bureau of Statistics in its Consumer Price Index report for the month of February 2024, showed inflation rate at its highest level in 28 years.
NBS reported that food inflation also increased to 37.92 percent during the period from 35.41 per cent in January 2024.
According to the bureau, “In February 2024, the headline inflation rate increased to 31.70% relative to the January 2024 headline inflation rate which was 29.9 %. Looking at the movement, the February 2024 headline inflation rate showed an increase of 1.8 % points when compared to the January 2024
headline inflation rate.
“On a year-on-year (YoY) basis, the headline inflation rate was 9.79% points higher compared to the rate recorded in February 2023, which was 21.91%. This shows that the headline inflation rate (YoY, basis) increased in the month of February 2024 when compared to the same
month in the preceding year (i.e., February 2023).
“Furthermore, on a month-on-month (MoM) basis, the headline inflation rate in February 2024 was 3.12%, which was 0.48% higher than the rate recorded in January 2024 (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.”
It reported also that “food inflation rate in February 2024 was 37.92% on a YoY basis, which was 13.57% points higher compared to the rate recorded in February 2023 (24.35%). The rise in food inflation on a year-on-year basis was caused by increases in prices of bread and cereals, potatoes, yam and other tubers, fish, oil and fat, meat, fruit, coffee, tea, and cocoa.
“On a MoM basis, the Food inflation rate in February 2024 was 3.79% this was 0.58% higher compared to the rate recorded in January 2024 (3.21%). In February 2024, Food inflation on a Year-on-Year basis was highest in Kogi (46.32%), Rivers (44.34%), and Kwara (43.05%), while Bauchi (31.46%), Plateau (32.56%), and Taraba (33.23%) recorded the slowest rise in food inflation on Year-on-Year basis.
“On a MoM basis, however, February 2024 food inflation was highest in Adamawa (5.61%), Yobe (5.60%), and Borno (5.60%), while Cross River (2.08%), Niger (2.56%), and Abuja
(2.60%) recorded the slowest rise in food inflation on a MoM basis”.
