• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business

Nigeria’s inflation rate rises to 31.70% in February 2024

1 year ago
in Business, Economy, Features, highlights, Home, home-news, latest News
2 min read
0 0
0
64
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Nigeria’s inflation rate rises to 31.70% in February 2024

In February 2024, Nigeria’s headline inflation rate rose to 31.70%, up from 29.90% in January 2024, marking an increase of 1.80%.

Comparatively, on an annual basis, February 2024’s inflation rate was 9.79% higher than the 21.91% recorded in February 2023. 

Additionally, the month-on-month headline inflation rate in February 2024 reached 3.12%, an increase of 0.48% from January 2024’s rate of 2.64%.

This indicates that the pace at which average prices rose in February 2024 exceeded the rate of price increase in January 2024. 

Food Inflation  

Food inflation climbed to 37.92% on the back of higher average prices of items like bread and cereals, potatoes, yams and other tubers, fish, coffee, tea, and cocoa.

RelatedPosts

Parliament Adjourns Sine Die After Intense Legislative Session Marked by Reform Calls and Tributes

GACL Terminates Evatex Revenue Assurance Contract Amid OSP Probe

Cyber Security Authority Flags Rising Mobile Data Scam, Cautions Public

This represented a 13.57% increase from the 24.35% food inflation rate recorded in February 2023. 

In the month-to-month analysis, February 2024’s food inflation rate was 3.79%, showing a 0.58% rise from January 2024’s rate of 3.21%.

The increase in month-to-month food inflation was driven by the accelerated price growth of bread and cereals, potatoes, yams and other tubers, fish, coffee, tea, and cocoa. 

Core Inflation  

Core inflation, which omits the costs of volatile agricultural products and energy, was 25.13% in February 2024, showing a 6.76% increase from the 18.37% noted in February 2023.

Notable price rises were seen in passenger road transport, housing rentals (actual and imputed), medical services, and pharmaceutical products. 

Month-on-month, the core inflation rate decreased slightly to 2.17% in February 2024 from 2.24% in January 2024, a drop of 0.07%.

The average annual inflation rate over the previous twelve months reached 21.72% as of February 2024, which is 4.97 percentage points higher than the 16.75% seen in February 2023. 

Urban Inflation 

In February 2024, the urban inflation rate on a year-on-year basis reached 33.66%, an increase of 10.87 percentage points from the 22.78% observed in February 2023.

Month-on-month, the urban inflation rate in February 2024 was 3.17%, which is 0.45 percentage points higher than the 2.72% recorded in January 2024.  

The average urban inflation rate over the preceding twelve months was 27.93% in February 2024, marking a 7.48 percentage points rise from the 20.45% noted in February 2023. 

Rural Inflation 

In February 2024, the rural inflation rate stood at 29.99% on a year-on-year basis, an increase of 8.89 percentage points from 21.10% in February 2023.

Month-on-month, the rural inflation rate was 3.07% in February 2024, 0.50 percentage points higher than the 2.57% seen in January 2024.

Over the previous twelve months, the average rural inflation rate as of February 2024 was 24.61%, which is 5.28 percentage points above the 19.33% recorded in February 2023. 

Tags: inflation rateNigeria’s inflation rate rises to 31.70% in February 2024
No Result
View All Result

Highlights

Gov’t Reopens Talks With PayPal to Restore Full Service Access in Ghana

Financial Sector Assets up 34.6% in 2024 to GHS 525.59 Billion

Banking Sector Soundness Remains Robust in 2024 Amid Strong Profitability, Adequate Capital Buffers

Sha’Carri Richardson Withdraws from US Trials Following Arrest

From Singuluma to El Kaabi: Can CHAN 2024 Unleash the Next Hat-trick Hero?

Ghana to Welcome King’s Baton Relay on August 8 Ahead of 2026 Commonwealth Games

Trending

Features

Parliament Adjourns Sine Die After Intense Legislative Session Marked by Reform Calls and Tributes

August 2, 2025

Parliament Adjourns Sine Die After Intense Legislative Session Marked by Reform Calls and Tributes Parliament has adjourned...

GACL Terminates Evatex Revenue Assurance Contract Amid OSP Probe

August 2, 2025

Cyber Security Authority Flags Rising Mobile Data Scam, Cautions Public

August 2, 2025

Gov’t Reopens Talks With PayPal to Restore Full Service Access in Ghana

August 2, 2025
Bank of Ghana

Financial Sector Assets up 34.6% in 2024 to GHS 525.59 Billion

August 2, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.