Nigeria’s inflation persistently high; February CPI hits 31.7%, the highest since April 1996, per National Bureau of Statistics. Analysts alarmed as Nigeria’s inflation rate surpassing estimates, with February CPI at 31.7%; Nigeria remains among top 10 countries with highest inflation in Africa.
The analysts remarked, “This comes as no surprise, as our investigations revealed a significant surge in prices of food items such as rice, stemming from the worsening depletion of food reserves and ongoing insecurity challenges in food-producing areas.”
Food inflation particularly severe at 37.9%, up 2.5ppts from January; rising food prices sparked protests in some regions.
Insecurity, reserve depletion drive food price surge; IMF warns 8.0% Nigerians at high risk of food insecurity.
Furthermore, heightened energy costs persistently influence transport inflation, indirectly affecting food prices. Comparing year-on-year figures, February’s headline inflation rate is 9.79 percentage points higher than in February 2023, reaching 21.91%.
Persisting inflation underscores economic challenges; Nigerians facing increased financial strain amid rising prices and food insecurity concerns.
The escalating food prices seem to be significantly impacting Nigerians, leading to protests in certain regions during this period of assessment. Furthermore, the International Monetary Fund (IMF) cautions that 8.0% of Nigerians face a considerable risk of food insecurity if the current trend continues.
Follow us on Socials: