Nigeria’s inflation rate has surged to 31.70 percent in February, according to the latest report from the National Bureau of Statistics (NBS).
This marks an increase from the 29.90 percent recorded in January 2024, showing a significant rise in the average price level within the country.
The report indicates that the inflation rate in February exceeded that of January by 1.80 percent, highlighting the rapid increase in prices during this period.
On an annual basis, February 2024’s inflation rate was also notably higher compared to the same month in 2023, with a 9.79 percent increase from the previous year.
Furthermore, the month-on-month headline inflation rate in February 2024 reached 3.12 percent, a notable increase from January 2024’s rate of 2.64 percent. This indicates a faster pace of price increase in February compared to the previous month.
Despite efforts by the Central Bank of Nigeria (CBN) to tighten monetary policy, including a record 22.75 percent benchmark interest rate, inflation continues to rise.
