Nigeria’s National Bureau of Statistics (NBS) said the headline inflation rate increased year-on-year (YoY) by 1.8 percentage points to 31.7 percent in February 2024 from 29.9 per cent in January 2024.
In comparison, the annual inflation rate in February 2024 was 9.79% greater than in February 2023, when it was 21.91%.
Furthermore, the month-on-month headline inflation rate in February 2024 rose to 3.12%, up 0.48% from 2.64% in January 2024.
This means that average prices climbed faster in February 2024 than in January 2024.