In February 2024, Nigeria witnessed a significant surge in its headline inflation rate, reaching 31.7%, marking a 1.8 percentage point increase from January 2024’s 29.9%. This surge represents the highest inflation level recorded in 28 years, as reported by the National Bureau of Statistics (NBS) in its Consumer Price Index (CPI) report for February 2024.

The report also highlights a rise in food inflation, reaching 37.92% during the same period, up from 35.41% in January 2024.

Analyzing the data further, the NBS states: “The headline inflation rate for February 2024 increased by 1.8 percentage points compared to January 2024, and on a year-on-year basis, it was 9.79 percentage points higher than February 2023’s rate of 21.91%. This indicates a notable increase in inflation compared to the same period last year.”

Additionally, the month-on-month (MoM) analysis reveals a 3.12% increase in the headline inflation rate for February 2024, surpassing January 2024’s 2.64%, indicating a faster rate of price level increase.

Regarding food inflation, the report notes: “Food inflation in February 2024 rose to 37.92% year-on-year, marking a 13.57 percentage point increase compared to February 2023’s rate of 24.35%. This rise was driven by increases in prices of various food items such as bread and cereals, potatoes, yam, fish, oil, meat, fruits, coffee, tea, and cocoa.”

On a month-on-month basis, food inflation for February 2024 stood at 3.79%, surpassing January 2024’s 3.21%. Geographically, Kogi, Rivers, and Kwara recorded the highest food inflation rates on a year-on-year basis, while Bauchi, Plateau, and Taraba reported the slowest increases.

Looking at the month-on-month basis, Adamawa, Yobe, and Borno recorded the highest food inflation rates, whereas Cross River, Niger, and Abuja saw the slowest rises.

This data underscores the challenging economic conditions faced by Nigerians, with rising inflation impacting the cost of living, particularly concerning food prices, which are essential for household sustenance.