Nigeria is facing a steep climb in inflation as the latest data from the National Bureau of Statistics (NBS), released on Friday, reveals a surge to 31.70% in February.
The figure marks a notable uptick from January 2024, which recorded a lower rate of 29.90%
The ‘Consumer Price Index and Inflation Report’ for February, also indicates a significant 1.80 per cent increase compared to January’s figures.
“In February 2024, the headline inflation rate increased to 31.70% relative to the January 2024 headline inflation rate which was 29.90%. Looking at the movement, the February 2024 headline inflation rate showed an increase of 1.80% points when compared to the January 2024 headline inflation rate,” the report reads.
Year-on-year, Nigeria’s headline inflation has soared by 9.79 per cent compared to February 2023, which stood at 21.91 per cent, indicating a substantial escalation.
“The rise in food inflation on a year-on-year basis was caused by increases in prices of bread and cereals, potatoes, yam and other tubers, fish, oil and fat, meat, fruit, coffee, tea, and cocoa,” the report outlines.
This surge in inflation coincides with ongoing efforts by authorities to tackle the soaring costs of living. Measures such as the removal of fuel subsidies and the floating of the naira have contributed to the upward trend.
Despite mounting concerns and protests across the country, the government reassures Nigerians of its commitment to addressing the challenges.
In the face of these inflationary pressures, Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, remains optimistic about a potential decrease.
“Inflationary pressures are expected to decline in 2024 due to the CBN’s inflationary targeting policy aiming to rein in inflation to 21.4 per cent, aided by improved agricultural productivity and easy global supply chain pressures” he stated
