Headline Inflation Rises to 31.70% in February – NBS

Inflation Rise, Inflation
The rising inflation will affect the new minimum wage.

Headline Inflation Rises to 31.70% in February – NBS

Headline inflation rate has risen to 31.70 per cent in February, this is according to the latest data released on Friday by the National Bureau of Statistics (NBS).

The report shows that in February 2024, Nigeria’s headline inflation rate increased by 1.8 percentage points to 31.70% compared to the previous month’s 29.90%.

This was driven by a rise in the cost of food and non-alcoholic beverages, as well as higher prices for energy and other commodities. The increase was largely attributed to seasonal factors and the impact of currency devaluation.