Rising food prices push Nigeria’s inflation to 31.70 % in February

Rising food prices pushed Nigeria’s inflation to 31.70 percent in February, the country’s statistics agency reported today.

The Consumer Price Index report released by the NBS showed that prices rose by 1.80 percent to 31.70 percent in February 2024, compared with 29.90 percent in January.

“On a year-on-year basis, the headline inflation rate was 9.79 percent higher compared to the rate recorded in February 2023, which was 29.90 percent,” the NBS report said.

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This will be the fourteenth consecutive monthly increase and a record-high of over 20 years.

Food inflation, which constitutes 50 percent of the inflation rate, rose to 37.92percent in February from 35.41 percent in January.

Eniola Olatunji

Eniola Olatunji is an experienced journalist at BusinessDay, where she has specialized in reporting on personal and business finance since March 2022. She focuses on creating engaging and precise news stories, with a keen emphasis on the fixed-income market, banking, personal finance, cost of living, and the Nigerian economy. Her work also encompasses extensive market research and economic trend analysis. Eniola is passionate about empowering individuals to make informed financial decisions and is dedicated to shedding light on the intricate workings of the economy. She holds a Bachelor of Science degree in Pure & Applied Chemistry from the University of Lagos. Eniola Olatunji was shortlisted for The Future Awards Africa Prize for Journalism..