Nigeria experienced a sharp rise in its headline inflation rate in February 2024, climbing to 31.70%, a significant increase from January 2024’s rate of 29.90%, marking a rise of 1.80%.
Comparatively, February 2024’s inflation rate surged by 9.79% from the previous year, contrasting starkly with the 21.91% recorded in February 2023.
Additionally, the month-on-month headline inflation rate for February 2024 rose to 3.12%, up by 0.48% from January 2024’s rate of 2.64%.
The uptrend in food inflation, which reached 37.92% in February, further underscores the worrying trend of accelerating average prices during the month.
These statistics suggest a faster pace of price escalation in February 2024 compared to January 2024, prompting speculation about a potential rate hike in the upcoming Monetary Policy Committee (MPC) meeting.