The National Bureau of Statistics , says Nigeria’s headline inflation rate increased to 31.70 per cent in February 2024.
According to the report, the figure is 1.80 per cent points higher compared to the 29.90 per cent recorded in January 2024. The report said the increase in the headline index for February 2024 on a year-on-year basis and month-on-month basis was attributed to the increase in some items in the basket of goods and services at the divisional level.
“The rise in food inflation on a year-on-year basis is caused by increases in prices of bread and cereals, potatoes, yam and other tubers, fish, oil and fat, meat, fruit, coffee, tea, and cocoa.’’ It said the highest increases were recorded in prices of passenger transport by road, actual and imputed rentals for housing, and medical services, pharmaceutical products, etc.“This indicates a 0.07 per cent drop compared to what was recorded in January 2024 at 2.24 per cent.”
The report said on a year-on-year basis in February 2024, the rural inflation rate was 29.99 per cent, which was 8.89 per cent higher compared to the 21.10 per cent recorded in February 2023. The report, however, said in February 2024, all items inflation rate on a month-on-month basis was highest in Kwara at 6.42 per cent, followed by Kebbi at 4.64 per cent, and Adamawa at 4.46 per cent.
The report, however, said on a month-on-month basis, food inflation was highest in Adamawa at 5.61 per cent, followed by Yobe at 5.60 per cent, and Borno at 5.60 per cent. Chief Rashidi Ladoja, a former Governor of Oyo State and Osi Olubadan of Ibadanland, on Friday said people of the ancient city already know the next Olubadan of Ibadanland.