Nigeria’s inflation rate rises to 31.7% in February 2024

NIGERIA’s inflation rate has continued to rise nine month months after President Bola Tinubu assumed office in May 2023 as the latest data showed that the rate stood at 31.70 per cent as of February 2024. 

The rate at which the inflation figure picked up over the month has placed pressure on the prices of consumer goods in local markets. The food prices were triggered largely by high energy prices as a result of fuel subsidy removal, devaluation of the currency and other monetary policies implemented by the president. 

Recently there have been protests across some parts of the country calling for government intervention in the hardship. In other parts of the country, residents invaded warehouses to cart away food products.

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According to the National Bureau of Statistics, the inflation rate rose by 1.80 per cent from 29.90 per cent recorded in January. Also, 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.

The report stated that the February inflation rate was driven majorly by Food & Non-Alcoholic Beverages and Housing, Water, Electricity, Gas & Other Fuel. Meanwhile, the Rural inflation rate stood at 29.99 per cent compared to the Urban inflation rate which was 33.66 per cent in February.

The data in February 2024, the inflation rate on a Year-on-Year basis was highest in Kogi (37.98 per cent), Oyo (36.60 per cent), 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 Headline inflation



    Food Inflation 

    The Food inflation rate in February 2024 was 37.92 per cent which is 13.57 per cent higher compared to the rate recorded in February 2023 (24.35 per cent). 

    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. 

    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.

    The ICIR reported that as of January 2024, a Nigerian would averagely spend N858 to eat a healthy diet

    Kehinde Ogunyale tells stories by using data to hold power into account. You can send him a mail at [email protected] or Twitter: Prof_KennyJames

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