The National Bureau of Statistics, NBS, has revealed that the inflation rate has moved to 31.70 per cent in February.
The Bureau released the figure on Friday, with the latest data showing a rise from the 29.90 percent recorded in January 2024.
According to the ‘Consumer Price Index and Inflation Report’ for February, the hike represented a 1.80 percent increase from what was recorded in January.
The data showed that on a year-on-year basis, Nigeria’s headline inflation rate was 9.79 per cent higher, compared to 21.91 percent recorded in February 2023.
According to the report, the food inflation rate in February was 37.92 percent on a year-on-year basis. This was 13.57 percent higher when compared to the rate recorded in February 2023 (24.35 percent),
Friday’s figures come amid a push by authorities to combat the rising costs of living in the country. The removal of fuel subsidies on petroleum, and the floating of the naira were major triggers of the hike.
The rising costs of living have since triggered protests in several parts of the country, however, the government is assuring Nigerians of tackling the challenges.
Despite the rising inflation rates, the Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, had earlier expressed optimism about a drop.