The National Bureau of Statistics (NBS), says Nigeria’s headline inflation rate increased to 31.70 per cent in February 2024.
The NBS said this in its Consumer Price Index (CPI) and Inflation Report for February, which was released in Abuja on Friday.
According to the report, the figure is 1.80 per cent points higher compared to the 29.90 per cent recorded in January 2024.
It said on a year-on-year basis, the headline inflation rate in February 2024 was 9.79 per cent higher than the rate recorded in February 2023 at 21.91 per cent.
In addition, the report said on a month-on-month basis, the headline inflation rate in February 2024 was 3.12 per cent, which was 0.48 per cent higher than the rate recorded in January 2024 at 2.64 per cent.
“This means that 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…
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