The latest data from the National Bureau of Statistics (NBS) indicates that Nigeria’s inflation rate surged to 31.70% in February, marking a notable increase from January’s 29.90%.
According to the ‘Consumer Price Index and Inflation Report’ for February, obtained by Channels Television, this rise represents a 1.80% increase from January’s figures.
Detailing the statistics, the report stated, “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, Nigeria’s headline inflation rate saw a 9.79% increase compared to February 2023, which stood at 21.91%.
The report also highlights that food inflation rose to 37.92% on a year-on-year basis in February, a significant increase from the 24.35% recorded in February 2023. This surge was attributed to the price hikes in bread and cereals, potatoes, yam and other tubers, fish, oil and fat, meat, fruit, coffee, tea, and cocoa.
These figures emerge amidst efforts by authorities to address the escalating living costs in Nigeria. Measures such as the removal of fuel subsidies and the floating of the naira have been cited as major contributors to the inflationary trend.
The resultant protests in various parts of the country underscore the urgency of the situation, although the government assures citizens of its commitment to tackling these challenges.
Despite the current inflationary pressures, Governor Yemi Cardoso of the Central Bank of Nigeria (CBN) remains optimistic about a potential decline. He stated, “Inflationary pressures are expected to decline in 2024 due to the CBN’s inflationary targeting policy aiming to rein in inflation to 21.4%, aided by improved agricultural productivity and easing global supply chain pressures.”
Cardoso also highlighted the increased demand pressures on the Nigerian foreign exchange market, leading to a continuous depreciation of the naira’s value.
