Nigeria’s headline inflation rose by 180bps in February 2024, to 31.70% year on year above 29.90% that was recorded in January 2024.

The outturn is 50bps and 40bps higher than Cordros’ analyst 31.20% and Bloomberg’s median consensus 31.30%, estimates, respectively.

Similarly, on a month-on-month basis, headline inflation increased by 48bps to 3.12% against 2.64% in January 2024.

Food inflation increased significantly by 251bps to 37.92% above 35.41% that was reported in January 2024.

The increase in Food inflation on a year-on-year basis was influenced by an uptick 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, food inflation increased by 3.79%, relative to the 3.21% m/m recorded in the previous month.

Likewise, the core inflation surged by 154bps to 25.13% against 23.59% in January 2024. The highest increases were recorded in prices of Passenger Transport by Road, Actual and Imputed

Rentals for Housing, Medical Services, Pharmaceutical products, etc. However, on a monthly basis, the core index eased by 7bps to 2.17% in February against  2.24%  month on month in January 2024.