Nigeria’s inflation hits 31.70% amid high food prices

Nigeria’s annual inflation rate rose to 31.70 per cent in February from 29.90 per cent in January, the National Bureau of Statistics (NBS) said on Friday.

The statistics office said the February 2024 headline inflation rate showed an increase of 1.80 per cent points when compared to the January 2024 headline inflation rate.

The NBS said 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.

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