From Isaac Anumihe, Abuja
The National Bureau of Statistics (NBS) has, for the thirteenth month consecutively, reported that inflation has galloped to 31.70 per cent in February 2024 citing food inflation as a major cause.
This is relative to the January 2024 headline inflation rate which was 29.90 per cent.
Looking at the movement, the February 2024 headline inflation rate showed an increase of 1.80 per cent points when compared to the January 2024 headline inflation rate. On a year-on-year basis, the headline inflation rate was 9.79 per cent points higher compared to the rate recorded in February 2023, which was 21.91 per cent.
“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). Furthermore, on a month-on-month basis, the headline inflation rate in February 2024 was 3.12 per cent, which was 0.48 per cent higher than the rate recorded in January 2024 (2.64 per cent).
“This means that in February 2024, the rate of increase in the average price level is more than the rate of increase in the average price level in January 2024” he said.
Meanwhile, the food inflation rate in February 2024 was 37.92 per cent on a year-on-year basis, which was
13.57 per cent points higher compared to the rate recorded in February 2023 (24.35 per cent). The rise in food inflation on a year-on-year basis was caused by increases in prices of bread and
cereals; potatoes, yam and other tubers; fish, oil and fat, meat, fruit, coffee, tea, and cocoa.
“On a month-on-month basis, the food inflation rate in February 2024 was 3.79 per cent. This was
0.58 per cent higher compared to the rate recorded in January 2024 (3.21 per cent). The rise in the food inflation on a month-on-month basis was caused by a rise in the rate of increase in the average prices of bread and cereals, potatoes, yam & other tubers, fish, coffee, tea, and
cocoa.
“The average annual rate of food inflation for the twelve months ending February 2024
over the previous twelve-month average was 30.07 per cent, which was a 7.95 per cent points increase from the average annual rate of change recorded in February 2023” the report said
On a year-on-year basis, in February 2024, the urban inflation rate was 33.66 per cent. This was
10.87 per cent points higher compared to the 22.78 per cent recorded in February 2023. On a month-on-month basis, the urban inflation rate was 3.17 per cent in February 2024. This was 0.45 per points higher compared to January 2024 (2.72 per cent). The corresponding twelve-month average for the urban inflation rate was 27.93 per cent in February 2024. This was 7.48 per cent points higher compared to the 20.45 per cent reported in February 2023.
The rural inflation rate in February 2024 was 29.99 per cent on a year-on-year basis; this was 8.89 per cent higher compared to the 21.10 per cent recorded in February 2023. On a month-on-month basis, the rural inflation rate in February 2024 was 3.07 per cent, up by 0.50 per cent points compared to January 2024 (2.57 per cent). The corresponding twelve-month average for the rural inflation rate in February 2024 was 24.61 per cent . This was 5.28 per cent higher compared to the 19.33 per cent recorded in February 2023.