New Telegraph

Inflation Cruises Higher To 31.70% In February 2024

Nigera’s inflationary pressure sustained an upward trend in February, settling at 31.70 per cent relative to January’s inflation figure of 29.90 per cent, according to the National Bureau of Statistics (NBS) report.

On a year-on-year basis, the headline inflation rate was 9.79% points higher compared to the rate recorded in February 2023, which was 21.91%.

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).

Furthermore, on a month-on-month basis, the headline inflation rate in February 2024 was 3.12%, which was 0.48% higher than the rate recorded in January 2024 (2.64%).

In February 2024, the rate of increase in the average price level is more than the rate of increase in the average price level in January 2024.

Details later…

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