Nigeria’s inflation surged to 31.70% In February -NBS Data.

In February 2024, Nigeria’s inflation rate surged to 31.70%, marking a notable increase from the 29.90% recorded in January of the same year. This uptick of 1.80% was reported by the National Bureau of Statistics (NBS) in its latest Consumer Price Index (CPI) and inflation report released on Friday.

The data highlights a significant acceleration in the average price level during February 2024 compared to the previous month. According to the report, the rate of inflation for February exceeded that of January, indicating a faster pace of price increases within the economy.

On an annual basis, February 2024 witnessed a considerable rise in inflation compared to the same period in 2023. The year-on-year inflation rate of 31.70% in February 2024 stood notably higher, by 9.79%, than the 21.91% recorded in February 2023.

Additionally, the month-on-month inflation rate for February 2024 was reported at 3.12%, marking a 0.48% increase from January 2024. This data suggests that the acceleration of average prices in February outpaced that of January, indicating potential challenges for economic stability and consumer purchasing power. The NBS emphasized the significance of these findings, underscoring the notable shifts in inflationary trends within the Nigerian economy.