The relentless surge of inflationary pressure in Nigeria has reached unprecedented levels, as revealed by the latest data from the National Bureau of Statistics (NBS).
In a staggering escalation, the headline inflation rate soared to a historic 31.70% in February 2024, marking a sharp increase from January’s already alarming rate of 29.90%.
This surge signifies a rapid acceleration in the average price level, outpacing the rate of increase observed in the preceding month.
February’s inflation rate surged by 1.80 percentage points compared to January, painting a dire picture of economic instability.
Comparing year-on-year figures only adds to the grim narrative, with February 2024’s headline inflation rate towering 9.79 percentage points above the rate recorded in the same month of the previous year, which stood at 21.91%.
The latest NBS data, released on Friday, underscores the sustained upward trajectory of inflation, both on a month-on-month and year-on-year basis.
February 2024 witnessed a month-on-month headline inflation rate of 3.12%, representing a significant 0.48 percentage point increase from January 2024’s figure of 2.64%.
