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.

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.