Nigerian Food Inflation Rises To 37.92%!

 The rate of increase in the cost of products and services in Nigeria has not decreased, despite the country's citizens continuing to struggle with the burden of rising living expenses. In February, the rate of inflation increased to 31.7%, while food inflation surged to 37.92%.


According to the National Bureau of Statistics' (NBS) most recent figures, inflation—a measure of how quickly prices are increasing—has over the 30% threshold and is now at 31.7%, up from 29.9% in January of this year.
                                                        

The headline inflation rate for February 2024 was 1.80 percentage points higher than the headline inflation rate for January 2024. The headline inflation rate increased 9.79 percentage points year over year from the 21.91 percent figure that was reported in February 2023.

This demonstrates that, in comparison to February 2023, the headline inflation rate increased in February 2024 on a year-over-year basis. In addition, the headline inflation rate for February 2024 was 3.12% on a month-over-month basis, 0.48 percent higher than the 2.64 percent rate for January 2024. This indicates that the average price level increased at a faster rate in February 2024 than it did in January 2024.

According to NBS data, food inflation in February 2024 was 13.57 percentage points higher than the 24.35 percent recorded in February 2023, with a year-over-year rate of 37.92 percent.

NBS claims that price rises for bread and cereals, potatoes, yam and other tubers, fish, oil and fat, meat, fruit, coffee, tea, and cocoa are to blame for the rise in food inflation year over year.

The food inflation rate in February 2024 was 3.79 percent on a month-over-month basis, which was 0.58 percent higher than the 3.21 percent reported in January 2024. The average price increases of bread and cereals, potatoes, yams and other tubers, fish, coffee, tea, and cocoa contributed to the increase in food inflation month over month.

The average annual rate of food inflation for the 12 months ending in February 2024 was 30.07 percent, up 7.95 percentage points from the average annual rate of 22.12 percent recorded in February 2023. This rate of inflation was calculated over the previous twelve-month average.


Compared to February 2023, when it was recorded at 22.78 percent, the urban inflation rate in February 2024 was 10.87 percentage points higher, or 33.66 percent, on an annual basis. Urban inflation in February 2024 was 3.17 percent on a month-over-month basis, 0.45 percentage points more than in January 2024 (2.72 percent).


In February 2024, the Urban inflation rate's matching 12-month average stood at 27.93%. This represents a 7.48 percentage point increase above the 20.45% reported in February 2023.

In February 2024, the rural inflation rate was 29.99 percent year over year, 8.89 percent higher than the 21.10 percent rate in the same month the previous year. The rural inflation rate increased by 0.50 percentage points from 2.57 percent in January 2024 to 3.07 percent in February 2024 on a month-over-month basis. In February 2024, the equivalent twelve-month average of the rural inflation rate was 24.61%. When compared to the 19.33% observed in February 2023, this was 5.28 percent greater.
  


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