Nigeria’s headline inflation surged to a record high of 31.70 percent in February, up from 29.90 percent in January 2024, driven by escalating food prices across the nation.

The National Bureau of Statistics, NBS, disclosed this in its latest Consumer Price Index and Inflation Report.

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

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

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 per cent, 0.48 per cent higher than in January 2024 (2.64 per cent).

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 per cent in Febuary from 35.41 per cent recorded in January, 2024.

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

Recall that last month, the Central Bank of Nigeria raised the monetary policy rate, known as the interest rate, by 400 basis points to 22.75 per cent from 18.5 per cent.