The headline inflation rate increased to 31.70 per cent in February 2024, relative to the January 2024 headline inflation rate which was 29.90 per cent, the National Bureau of Statistics (NBS), has said.
In the CPI and Inflation Report February 2024, it represents an increase of 1.80 percentage points when compared to the January 2024 headline inflation rate.
On a year-on-year basis, the headline inflation rate was 9.79 percentage 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%, which was 0.48% higher than the rate recorded in January 2024 (2.64%).”
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.
The report stated that food inflation rate in February 2024 was 37.92 per cent on a year-on-year basis, which was 13.57% points higher compared to the rate recorded in February 2023 (24.35%).
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% this was 0.58% higher compared to the rate recorded in January 2024 (3.21%). 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%, which was a 7.95% points increase from the average annual rate of change recorded in February 2023(22.12%),” the report stated.
