Nigeria's inflation hits 31.70% in February as food prices surge

Nigeria's headline inflation has risen to 31.70%.
The headline inflation rate for February 2024 showed an increase of 1.80% point increase compared to January 2024.
Food inflation rate soared to 37.92% year-on-year.

Analysing the data, the headline inflation rate for February 2024 showed an increase of 1.80% point increase compared to January 2024.

On a year-on-year basis, the headline inflation rate was 9.79% points higher compared to the rate recorded in February 2023, which was 21.91%.

On a month-on-month basis, the February 2024 headline inflation rate of 3.12% was 0.48% higher than January 2024's rate of 2.64%.

Items that contributed to the increase in the headline index include food & non-alcoholic beverages, housing, water, electricity, gas & other fuel, clothing & footwear, transport, among others.

Urban inflation: On a year-on-year basis, in February 2024, the Urban inflation rate was 33.66%, this was 10.87% points higher compared to the 22.78% recorded in February 2023.

Rural inflation: On a year-on-year basis, in February 2024, the rural inflation rate was 29.99%. This was 8.89% higher than the 21.10% recorded in February 2023.

Food inflation

In February 2024, the food inflation rate soared to 37.92% year-on-year, a significant 13.57 percentage point increase from February 2023's rate of 24.35%.

On a month-on-month 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%).

This surge in food inflation was primarily driven by a rise in the average prices of Bread and Cereals, Potatoes, Yam & Other Tubers, Fish, Coffee, Tea, and Cocoa.