Nigeria's inflation rate rises to 31.70%

Nigeria’s inflation rate has risen to 31.70% for the month of February as against 29.90% recorded in January, according to data released on Friday by Nigeria’s Bureau of Statistics (NBS).

‘’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 statement read in parts.

The data showed that on a year-on-year basis, Nigeria’s headline inflation rate was 9.79 percent higher, compared to 21.91 percent recorded in February 2023.

“This shows that the headline inflation rate (on a year-on-year basis) increased in February 2024 when compared to the same month in the preceding year (i.e., February 2023),” the NBS said.

Meanwhile, 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), according to the report.

The rising costs of living have since triggered protests in several parts of the country; however, the government is assuring Nigerians that it will tackle the challenges.

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