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In February 2024, Nigeria’s headline inflation rate rose to 31.70%, up from 29.90% in January 2024, marking an increase of 1.80%.
Comparatively, on an annual basis, February 2024’s inflation rate was 9.79% higher than the 21.91% recorded in February 2023.
Additionally, the month-on-month headline inflation rate in February 2024 reached 3.12%, an increase of 0.48% from January 2024’s rate of 2.64%.
This indicates that the pace at which average prices rose in February 2024 exceeded the rate of price increase in January 2024.
According to the bureau, food inflation also surged to 37.92 percent in the month under review.
