The National Bureau of Statistics (NBS) said in its Consumer Price Index and inflation report Nigeria’s inflation climbed higher to higher to 31.70 per cent in February 2024.
The bureau said the inflation rate which increased by 1.80 per cent month-on-month to 31.70 per cent in February compared to 29.90 per cent recorded in January 2024, is the 14th consecutive monthly increase and a record-high in 26 years.
“In February 2024, the headline inflation rate increased to 31.70 per cent relative to the January 2024 headline inflation rate which was 29.90 per cent,” the bureau said.
According to the agency, on a year-on-year, the headline inflation rose 9.79 per cent compared to 21.91 per cent in February 2023, highlighting that the headline inflation rate (year-on-year basis) increased in February 2024 when compared to the same month in the preceding year.
Similarly, the month-on-month headline inflation rate in February 2024 reached 3.12 per cent, an increase of 0.48 per cent from January’s 2.64 per cent, indicating that the pace at which average prices rose in February 2024 exceeded the rate of price increase in January 2024.
Kogi, Rivers, Oyo and Bauchi States were also adjudged as the most expensive states in food and all items inflation.
It further stated that the highest increases were recorded in prices of passenger transport by road, actual and imputed rentals for housing, medical services, pharmaceutical products, etc.
“Looking at the movement, the February 2024 headline inflation rate showed an increase of 1.80 per cent points when compared to the January 2024 headline inflation rate. On a year-on-year basis, the headline inflation rate was 9.79 per cent points higher compared to the rate recorded in February 2023, which was 21.91 per cent.
“This shows that the headline inflation rate (year-on-year 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 basis, the headline inflation rate in February 2024 was 3.12 per cent, which was 0.48 per cent higher than the rate recorded in January 2024 (2.64 per cent),” the NBS said.
However, food inflation rose to 37.92 per cent, year on year, representing an increase of 13.57 per cent when compared to 24.35 per cent in February last year.
The rise in the food index on an annual basis was attributable to increases in prices of bread and cereals, potatoes, yam and other tubers, fish, oil and fat, meat, fruit, coffee, tea, and cocoa.
Month-on-month, food inflation increased to 3.79 per cent, representing 0.58 per cent rise over 3.21 per cent in January.
On the other hand, core inflation, which excludes the prices of volatile agricultural produce and energy, rose by 6.76 per cent to 25.13 per cent year on year in February compared to 18.37 per cent in February 2023.
The rise in the core index was attributed to the highest increases in prices of passenger transport by road, actual and imputed rentals for housing, medical services, pharmaceutical products, among others.
Month-on-month, core inflation however, declined to 2.17 per cent in February compared to 2.24 per cent in the preceding month.
Urban inflation also rose to 33.66 per cent year on year, or 10.87 per cent higher than 22.78 per cent recorded in February 2023. On a monthly basis, the urban index increased to 3.17 per cent in February which was 0.45 per cent higher than 2.72 per cent in January.
Similarly, rural inflation rate increased to 29.99 per cent year-on-year, over 21.10 per cent in February 2023. Month-on-month, the index also rose to 3.07 per cent, compared to 2.57 per cent in the preceding month.
At states level, all item inflation was highest in Kogi (37.98 per cent), Oyo (36.60 per cent), and Bauchi (35.62 per cent, while Borno (26.28 per cent), Taraba (26.72 per cent) and Benue (27.40 per cent) recorded the slowest rise in deadline inflation on a year-on-year basis.
Month-on-month, however, the highest increases were recorded in Kwara (6.42 per cent), Kebbi (4.64 per cent), and Adamawa (4.46 per cent), while Katsina (1.93 per cent), Cross River (1.98 per cent) and Benue (2.33 per cent) recorded the slowest rise.
Year on year, food inflation was highest in Kogi (46.32 per cent), Rivers (44.34 per cent), and Kwara (43.05 per cent), while Bauchi (31.46 per cent), Plateau (32.56 per cent), and Taraba (33.23 per cent) recorded the slowest rise.
Month on month, however, the food index was highest in Adamawa (5.61 per cent), Yobe (5.60 per cent), and Borno (5.60 per cent), while Cross River (2.08 per cent), Niger (2.56 per cent), and Abuja (2.60 per cent) recorded the slowest increase.
