Nigeria February Inflation Soars to 31.7% as Food Prices Spike

Nigeria’s inflation as measured by the consumer price index (CPI), which measures the rate of change in prices of goods and services, rose to 31.7 percent in February 2024 — up from 29.9 percent in the previous month.

The National Bureau of Statistics (NBS) disclosed this in its CPI report released on Friday.

According to the bureau, food inflation surged to 37.92 percent in the month under review.

The bureau said the February 2024 headline inflation rate showed an increase of “1.80% points when compared to the January 2023 headline inflation rate.”

Get More of our proprietary news and analysis as MoneyCentral is now on WhatsApp Channels  Follow the MoneyCentral Nigeria channel on WhatsApp: Click here!