Nigeria’s inflation increases to 31.70% amid in affecting food prices

Nigeria's annual inflation rate increased to 31.70 percent in February, from 29.90 percent in January.

This is according to the most recent statistics from the National Bureau of Statistics (NBS) on Friday, March 15, 2024.

According to the statistics office, the headline inflation rate in February 2024 increased by 1.80 percentage points from January 2024.

According to the NBS, the headline inflation rate was 9.79 percentage points higher year on year than in February 2023, when it was 21.91 percent.

"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)," according to the report.

According to the report, Nigeria's headline inflation rate increased by 9.79% year on year, compared to 21.91% 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 National Bureau of Statistics (NBS) said.

Meanwhile, food inflation in February stood at 37.92 percent year over year. This was 13.57 percent higher than the rate reported in February 2023 (24.35%), according to the data.

"The year-on-year rise in food inflation was caused by rises in the prices of bread and cereals, potatoes, yam and other tubers, fish, oil and fat, meat, fruit, coffee, tea, and

"Cocoa," the report stated.

The data released on Friday came as authorities work to reduce the country's growing living costs. The withdrawal of petroleum fuel subsidies, as well as the floating of the naira, were important causes for the spike.

Rising living costs have sparked protests across the country, but the administration assures Nigerians that the concerns will be addressed.

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