Breaking: Inflation Rises to 31.70%

James Emejo in Abuja

The Consumer Price Index (CPI) which measures the rate of change in prices of goods and commodities, increased by 1.80 per cent to 31.70 per in February compared to 29.90 per cent in the preceding month, the National Bureau of Statistics (NBS) said Friday.

Year-on-year, headline inflation rose 9.79 per cent compared to  to 21.91 per cent in February 2023.

Food inflation rose to 37.92 per cent, year on year, representing an increase of 13.57 per cent when compared to 24.35 per cent in February last year.

On the other hand, core inflation, which excludes the prices of volatile agricultural produce and energy rose by 6.76 per cent to 25.13 per cent year on year in February  compared to 18.37 per cent in February 2023. 

Details later…