Top Story

Nigeria’s inflation hits 31.70% in February – NBS

Persecondnews reports that the latest inflationary surge was recorded despite

812
Nigeria’s inflation rate rose to 31.70 percent in February 2024 from 29.90 percent recorded in January 2024, the National Bureau of Statistics said in its latest CPI and inflation report released on Friday.
The figure indicates an increase of 1.80 percent.
“Comparatively, on an annual basis, February 2024’s inflation rate was 9.79 percent higher than the 21.91 percent recorded in February 2023.
“Looking at the movement, the February 2024 headline inflation rate showed an increase of 1.80 percent points when compared to the January 2024 headline inflation rate.
“On a year-on-year basis, the headline inflation rate was 9.79 percent points higher compared to the rate recorded in February 2023, which was 21.91 percent.
“This shows that the headline inflation rate (on a year-on-year basis) increased in the month of February 2024 when 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, which was 0.48 percent higher than the rate recorded in January 2024 (2.64 percent),” the NBS stated.
Persecondnews reports that the latest inflationary surge was recorded despite “tightened monetary policy by the Central Bank (CBN).”
At the last Monetary Policy Meeting, the apex bank increased the benchmark interest rate by 400 basis points to a record 22.75 percent.
Justifying the hike, the CBN Governor, Dr. Olayemi Cardoso, explained that members voted for a significantly high policy rate to drive down the inflation rate substantially.
He said the meeting extensively discussed various distortions in the foreign exchange market, particularly the impact of speculators exerting upward pressure on the exchange rate, leading to a significant pass-through effect on inflation.
The consensus reached involved a substantial policy rate hike aimed at effectively reducing inflation.

Leave a comment

Related Articles

FG declares Dec. 25, 26, Jan. 1 public holidays

The Federal Government has announced public holidays to mark Christmas, Boxing Day,...

Horror as loverboy lures girl to his house, slaughters her for money rituals in Ogun

A young man and suspected ritualist, who specializes in luring beautiful girls...

Abuja, Anambra stampede fatalities: Pres. Tinubu cancels official engagements, mourns

President Bola Tinubu has cancelled his official events in Lagos as a...

Deadly Stampede in Abuja: Police Report 10 Fatalities, Several Injuries

A food distribution event at Holy Trinity Catholic Church in Maitama turned...

Breaking: NNPC Ltd. Slashes Petrol Price to N899 Per Litre

The Nigerian National Petroleum Company Limited (NNPC Ltd) has announced a significant...

No Shutdown: NNPC Ltd. Denies Report on Old Port Harcourt Refinery

The Nigerian National Petroleum Company Limited (NNPC Ltd) has dismissed reports that...

Breaking: Kogi Governor, Yahaya Bello, Regains Freedom After Meeting Bail Terms

Former Kogi State Governor Yahaya Bello has been released from Kuje Custodial...

Justice Minister slams Edo Gov. Okpebholo over suspension of LG chairmen, declares it illegal

The Attorney-General of the Federation and Minister of Justice, Prince Lateef Fagbemi,...

Cyber attack hits National Bureau of Statistics website, recovery process initiated

The National Bureau of Statistics (NBS) announced on Wednesday night that its...

Alleged N110bln money laundering charge: Court admits Yahaya Bello to another N500m bail

Yahaya Bello, the immediate past Governor of Kogi State, has been granted...

Updated: 32 feared dead in Ibadan funfair tragedy: Ooni’s ex-wife, others arrested

At least, 32 children were feared killed during a stampede at a...

Ibadan Children’s Carnival Turns Deadly: Multiple Fatalities and Injuries Reported

Tragedy struck in Ibadan, the Oyo State capital, as a devastating stampede...

Breaking: Pres. Tinubu Presents “Budget of Restoration of “N4.96trn for 2025, Allocating N4.9trn for Security

President Bola Tinubu has presented a proposed budget of N4.96 trillion for...

N4.9trn budget presentation: Tinubu presents 2025 budget, declares 10th NASS members re-elected

President Bola Tinubu made a surprising declaration during his 2025 budget presentation...

Just in: Tinubu presents N47.9trn budget amid tight security at National Assembly

A heavy security presence has been deployed at the National Assembly complex...

NNPC Ltd. Secured $1bln Loan to Support Dangote Refinery, Facilitates $3bln Gazelle Loan – Soneye

The Nigerian National Petroleum Company Limited (NNPC Ltd) has said that it...

Port Harcourt refinery operating smoothly, say labour, oil workers on fact-finding mission

A recent fact-finding visit by labour leaders has dispelled the uncertainties surrounding...

Rescheduled: Pres.Tinubu to present N47.9trn 2025 budget on Dec. 18

President Bola Tinubu has rescheduled the presentation of the N47.9 trillion 2025...

UniAbuja Renamed Yakubu Gowon University in Honour of ex-Nigerian Leader

The Federal Executive Council (FEC) has given the green light to rename...

Tragedy as Benue boat mishap claims 20 lives, 11 rescued

A boat mishap on River Benue has claimed 20 lives in the...