FRI, MAR 15 2024-theGBJournal| Nigeria’s headline inflation rose by 180bps in February to 31.70% y/y (January: 29.90% y/y), according to latest data published today by the National Bureau of Statistics (NBS).
The inflation outturn is 50bps and 40bps higher than Cordros’ (31.20% y/y) and Bloomberg’s median consensus (31.30% y/y), estimates, respectively.
Similarly, on a month-on-month basis, headline inflation increased by 48bps to 3.12% (January: 2.64% m/m).
Food inflation increased significantly by 251bps to 37.92% y/y (January: 35.41% y/y).
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 (All items less farm produce and energy) surged by 154bps to 25.13% y/y (January: 23.59 y/y).
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 (January: 2.24% m/m).
Urban inflation touched 33.66% in February, 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%).
Likewise, Rural inflation rate in February 2024 rose to 29.99% on a year-on-year basis, 8.89% higher compared to the 21.10% recorded in February 2023.
On a month-on-month basis, the Rural inflation rate in February 2024 was 3.07%, up by 0.50% points compared to January 2024 (2.57%).
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