UPDATED: Nigeria’s inflation hits 31.70% amid high food prices
Nigeria’s annual inflation rate rose to 31.70 per cent in February from 29.90 per cent in January, the National Bureau of Statistics (NBS) said on Friday.
The statistics office said the February 2024 headline inflation rate showed an increase of 1.80 per cent compared to the January 2024 headline inflation rate.
The NBS said on a year-on-year basis, the headline inflation rate was 9.79 per cent points higher than the rate recorded in February 2023, which was 21.91 per cent.
“This shows that the headline inflation rate (year-on-year basis) increased in the month of February 2024 when compared to the same month in the preceding year (i.e., February 2023),” it said.
Furthermore, the bureau 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 (2.64 per cent).
This, it said, 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 2024.
According to the report, the food inflation rate in February 2024 quickened to 37.92 per cent on a year-on-year basis, which was 13.57 per cent points higher than the rate recorded in February 2023 (24.35 per cent).
In recent years, food prices have been on the rise across Nigeria. The situation deteriorated due to the impact of government policies such as the removal of subsidies on petrol, among others.
The upward trend in the prices of these staples and other products has weakened the purchasing power of many citizens, making it difficult for many households in the country to afford daily meals.
Nigeria’s naira has tumbled across both the official and unofficial markets on several occasions in recent times amidst an increased forex demand and a significant spike in the prices of goods and services across the country.
In its inflation report Friday, the NBS said the contributions of items on the divisional year-on-year level to the increase in the headline index are food & non-alcoholic beverages (16.42 per cent), housing water, electricity, gas & other fuel (5.30 per cent), clothing & footwear (2.24 per cent), and transport (2.06 per cent),.
Others are furnishings & household equipment & maintenance (1.59 per cent), education (1.25 per cent), health (0.95 per cent), miscellaneous goods & services (0.53 per cent), restaurant & hotels (0.38 per cent), alcoholic beverage, tobacco & kola (0.34 per cent), recreation & culture (0.22 per cent) and communication (0.22 per cent).
READ ALSO: Why Nigeria is experiencing inflation – Finance Minister
The percentage change in the average CPI for the twelve-month ending February 2024 over the average of the CPI for the previous twelve-month period was 26.18 per cent, showing a 6.31 per cent increase compared to 19.87 per cent recorded in February 2023.
Food inflation
The Food inflation rate in February 2024 was 37.92 per cent on a year-on-year basis, which was 13.57 per cent points higher compared to the rate recorded in February 2023 (24.35 per cent).
The bureau said the rise in food inflation yearly was caused by increased prices of bread and cereals, potatoes, yam and other tubers, fish, oil and fat, meat, fruit, coffee, tea, and cocoa.
“On a month-on-month basis, the Food inflation rate in February 2024 was 3.79 per cent this was 0.58 per cent higher compared to the rate recorded in January 2024 (3.21 per cent).”
It explained that the rise in food inflation on a Month-on-Month basis was caused by a rise in the rate of increase in the average prices of bread and cereals, potatoes, yam & other tubers, fish, coffee, tea, and cocoa.
“The average annual rate of Food inflation for the twelve months ending February 2024 over the previous twelve-month average was 30.07 per cent, which was a 7.95 per cent points increase from the average annual rate of change recorded in February 2023(22.12 per cent),” the report said.
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Nigeria’s annual inflation rate rose to 31.70 per cent in February from 29.90 per cent in January, the National Bureau of Statistics (NBS) said on Friday.
The statistics office said the February 2024 headline inflation rate showed an increase of 1.80 per cent compared to the January 2024 headline inflation rate.
The NBS said on a year-on-year basis, the headline inflation rate was 9.79 per cent points higher than the rate recorded in February 2023, which was 21.91 per cent.
“This shows that the headline inflation rate (year-on-year basis) increased in the month of February 2024 when compared to the same month in the preceding year (i.e., February 2023),” it said.
Furthermore, the bureau 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 (2.64 per cent).
This, it said, 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 2024.
According to the report, the food inflation rate in February 2024 quickened to 37.92 per cent on a year-on-year basis, which was 13.57 per cent points higher than the rate recorded in February 2023 (24.35 per cent).
In recent years, food prices have been on the rise across Nigeria. The situation deteriorated due to the impact of government policies such as the removal of subsidies on petrol, among others.
The upward trend in the prices of these staples and other products has weakened the purchasing power of many citizens, making it difficult for many households in the country to afford daily meals.
Nigeria’s naira has tumbled across both the official and unofficial markets on several occasions in recent times amidst an increased forex demand and a significant spike in the prices of goods and services across the country.
In its inflation report Friday, the NBS said the contributions of items on the divisional year-on-year level to the increase in the headline index are food & non-alcoholic beverages (16.42 per cent), housing water, electricity, gas & other fuel (5.30 per cent), clothing & footwear (2.24 per cent), and transport (2.06 per cent),.
Others are furnishings & household equipment & maintenance (1.59 per cent), education (1.25 per cent), health (0.95 per cent), miscellaneous goods & services (0.53 per cent), restaurant & hotels (0.38 per cent), alcoholic beverage, tobacco & kola (0.34 per cent), recreation & culture (0.22 per cent) and communication (0.22 per cent).
READ ALSO: Why Nigeria is experiencing inflation – Finance Minister
The percentage change in the average CPI for the twelve-month ending February 2024 over the average of the CPI for the previous twelve-month period was 26.18 per cent, showing a 6.31 per cent increase compared to 19.87 per cent recorded in February 2023.
Food inflation
The Food inflation rate in February 2024 was 37.92 per cent on a year-on-year basis, which was 13.57 per cent points higher compared to the rate recorded in February 2023 (24.35 per cent).
The bureau said the rise in food inflation yearly was caused by increased prices of bread and cereals, potatoes, yam and other tubers, fish, oil and fat, meat, fruit, coffee, tea, and cocoa.
“On a month-on-month basis, the Food inflation rate in February 2024 was 3.79 per cent this was 0.58 per cent higher compared to the rate recorded in January 2024 (3.21 per cent).”
It explained that the rise in food inflation on a Month-on-Month basis was caused by a rise in the rate of increase in the average prices of bread and cereals, potatoes, yam & other tubers, fish, coffee, tea, and cocoa.
“The average annual rate of Food inflation for the twelve months ending February 2024 over the previous twelve-month average was 30.07 per cent, which was a 7.95 per cent points increase from the average annual rate of change recorded in February 2023(22.12 per cent),” the report said.
Support PREMIUM TIMES’ journalism of integrity and credibility
Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.
For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour.
By contributing to PREMIUM TIMES, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.
Donate
TEXT AD: Call Willie – +2348098788999
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