By Abiola Olawale
Nigeria’s headline inflation continues to soar high as it increased to an all-time high of 31.70 percent in February, compared to 29.90 percent recorded in January 2024.
The National Bureau of Statistics (NBS), disclosed this in its latest Consumer Price Index and Inflation Report.
The statistics office said the February 2024 headline inflation rate showed an increase of 1.80 percent points when compared to the January 2024 headline inflation rate.
The NBS said on a year-on-year basis, the headline inflation rate was 9.79 percent points higher compared to the rate recorded in February 2023, which was 21.91 percent.
“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),” NBS stated in a statement.
The New Diplomat reports that the most recent data released by the NBS highlights concerns from Nigeria about the continued sharp rise of inflation and the negative impact it poses on the economy. Consequently, Nigerians are experiencing declining purchasing power, while businesses grapple with heightened operational costs.
