Headline Inflation
In February 2024, there was a notable uptick in the headline inflation rate, reaching 31.70%, which represents a 1.80% increase compared to the January 2024 figure of 29.90%. Year-on-year, the headline inflation rate in February 2024 was 9.79% higher than the rate observed in February 2023, which stood at 21.91%. This indicates a rise in the headline inflation rate from February 2023 to February 2024.
Moreover, in February 2024, the headline inflation rate on a month-on-month basis stood at 3.12%, marking a 0.48% increase compared to January 2024’s rate of 2.64%. This indicates that the escalation in the average price level during February 2024 surpassed that of January 2024.
Source: NBS, Futureview-Research
Urban Inflation
In February 2024, the Urban inflation rate was 33.66% (Y-o-Y), this was 10.87% points higher compared to the 22.78% recorded in February 2023. On a month-on month basis, the Urban inflation rate was 3.17% in February 2024, this was 0.45% points higher compared to January 2024 (2.72%). The corresponding twelve-month average for the Urban inflation rate was 27.93% in February 2024. This was 7.48% points higher compared to the 20.45% reported in February 2023
Rural Inflation
In February 2024, the rural inflation rate stood at 29.99% on a year-on-year basis, marking an increase of 8.89% from February 2023’s rate of 21.10%. On a month-on-month basis, the rural inflation rate for February 2024 reached 3.07%, representing a 0.50% rise from January 2024’s 2.57%. Additionally, the twelve-month average for the rural inflation rate in February 2024 was 24.61%, reflecting a significant increase of 5.28% from February 2023’s figure of 19.33%.
Food Inflation
In February 2024, the food inflation rate reached 37.92% on a year-on-year basis, marking a substantial increase of 13.57% from February 2023’s rate of 24.35%. This upward trend in food inflation was driven by higher prices for 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 for February 2024 was 3.79%, showing a 0.58% increase compared to January 2024’s rate of 3.21%. This increase in month-on-month food inflation was primarily due to a rise in the rate of price increases for bread and cereals, potatoes, yam & other tubers, fish, coffee, tea, and cocoa.
Core Inflation (All Items less Farm Produce and Energy)
In February 2024, the core inflation rate, which excludes volatile agricultural produces and energy, reached 25.13% on a year-on-year basis, marking a significant increase of 6.76% compared to February 2023’s rate of 18.37%. Notable price hikes were observed in categories such as passenger transport by road, actual and imputed rentals for housing, medical services, pharmaceutical products, and others.
On a month-on-month basis, the core inflation rate stood at 2.17% in February 2024, slightly lower than January 2024’s rate of 2.24%, reflecting a decline of 0.07%. The average twelve-month annual inflation rate for the twelve months ending February 2024 was 21.72%, showing an increase of 4.97% from February 2023’s figure of 16.75%.
State Profiles
All Items Inflation
In February 2024, the year-on-year headline inflation rate was highest in Kogi (37.98%), Oyo (36.60%), and Bauchi (35.62%), while Borno (26.28%), Taraba (26.72%), and Benue (27.40%) experienced the slowest rise. However, on a month-on-month basis, February 2024 saw the most significant increases in Kwara (6.42%), Kebbi (4.64%), and Adamawa (4.46%), whereas Katsina (1.93%), Cross River (1.98%), and Benue (2.33%) recorded the slowest rises in month-on-month inflation.
Food Inflation
In February 2024, food inflation on a year-on-year basis peaked in Kogi (46.32%), Rivers (44.34%), and Kwara (43.05%), whereas Bauchi (31.46%), Plateau (32.56%), and Taraba (33.23%) saw the slowest increases. Conversely, on a month-on-month basis, February 2024 witnessed the highest food inflation rates in Adamawa (5.61%), Yobe (5.60%), and Borno (5.60%), while Cross River (2.08%), Niger (2.56%), and Abuja (2.60%) experienced the least growth in food prices.
Source: Futureview Research
