Just in: Nigeria’s inflation rate hits 31.70% in February

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.

READ ALSO: Ghana’s inflation rate drops in February

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.

More details later…