Nigeria’s soaring inflation rate shows no sign of abetting as it climbed to 31.70 per cent in February, driven by the rising cost of consumer goods.
According to the latest data by the National Bureau of Statistics (NBS) released on Friday, the latest data shows a rise from the 29.90 per cent recorded in January 2024.
The hike for February, according to the ‘Consumer Price Index and Inflation Report’ represented a 1.80 percent increase from what was recorded in January.
It said: “In February 2024, the headline inflation rate increased to 31.70% relative to the January 2024 headline inflation rate which was 29.90%.
“Looking at the movement, the February 2024 headline inflation rate showed an increase of 1.80% points when compared to the January 2024 headline inflation rate.
“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%.”
The data showed that on a year-on-year basis, Nigeria’s headline inflation rate was 9.79 per cent higher, compared to 21.91 per cent recorded in February 2023.
“This shows that the headline inflation rate (year-on-year basis) increased in February 2024 when compared to the same month in the preceding year (i.e., February 2023),” the NBS said.
Meanwhile, the food inflation rate in February was 37.92 per cent on a year-on-year basis. This was 13.57 per cent higher when compared to the rate recorded in February 2023 (24.35 per cent), according to the report.
“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,” the report read.
Friday’s figures come amid a push by authorities to combat the rising costs of living in the country. The removal of fuel subsidies on petroleum, and the floating of the naira were major triggers of the hike.
The rising costs of living have since triggered protests in several parts of the country, however, the government is assuring Nigerians of tackling the challenges.
Despite the rising inflation rates, the Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, had earlier expressed optimism about a drop, Channels TV reports.
“Inflationary pressures are expected to decline in 2024 due to the CBN’s inflationary targeting policy aiming to rein in inflation to 21.4 per cent, aided by improved agricultural productivity and easy global supply chain pressures.
“The Nigerian foreign exchange market is currently facing increased demand pressures causing a continuous decrease in the value of naira,” he told members of the House of Representatives in February.
