Nigeria’s inflation rate jumps to 31.70%

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Nigeria’s headline inflation rate rose to 31.70% in February 2024, up from 29.90% in January, indicating a 1.80% gain.

In comparison, the annual inflation rate in February 2024 was 9.79% greater than in February 2023, when it was 21.91%.

Furthermore, the month-on-month headline inflation rate in February 2024 rose to 3.12%, up 0.48% from 2.64% in January 2024.

This means that average prices climbed faster in February 2024 than in January 2024.