Nigeria Inflation Hits 31.70% Under President Bola Tinubu

Nigeria inflation has hit 31.70% under President Bola Tinubu.

Newsone Nigeria reports that Nigeria’s headline inflation for February 2024 increased to an all-time high of 31.70 percent, compared to 29.90 percent recorded in January 2024, amid rising food prices nationwide under President Bola Tinubu’s leadership.

This online news platform understands that the inflation was disclosed by the National Bureau of Statistics (NBS), in its latest Consumer Price Index and Inflation Report.

The February 2024 headline inflation rate increased by 1.80 percent compared to the January 2024 headline inflation rate.

On a year-on-year basis, the headline inflation rate was 9.79 percent points higher than the rate recorded in February 2023, which was 21.91 percent.

This shows that the headline inflation rate (year-on-year basis) increased in February 2024 compared to the same month in the preceding year (i.e., February 2023). Furthermore, on a month-on-month basis, the headline inflation rate in February 2024 was 3.12 percent, 0.48 percent higher than in January 2024 (2.64 percent).

The implication is that the rate of increase in the average price level is more than in the average price level in January 2024.

Similarly, food inflation rose to 37.92 percent in February from 35.41 percent recorded in January 2024.

Accordingly, this is the 13th straight time the country’s inflation soared without respite.

Newsone recalls that last month, the Central Bank of Nigeria (CBN) raised the monetary policy rate, known as the interest rate, by 400 basis points to 22.75 percent from 18.5 percent.