Food inflation in Nigeria has spiked to an all-time high of 37.92 per cent in February, supporting the rationale behind the latest interest rate hike by the Central Bank of Nigeria.
According to the National Bureau of Statistics, the headline inflation rate increased to 31.70 per cent compared to the January 2024 rate, which was 29.90 per cent.
With the figures, inflation rose on a year-on-year basis at 9.79 per cent points higher when compared to the 21.91 per cent recorded in February 2023.
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Although Housing, Water, Electricity. Gas & Other Fuel contributed 5.3 per cent to the headline inflation, food & non-alcoholic beverages contributed highest to the rate at 16.42 per cent.
The food inflation rate in February rose as expected, reaching a record high of 37.92 per cent on a year-on-year basis, which was 13.57 per cent higher compared to February 2023 at 24.35 per cent.
The NBS said the surge in food inflation on a year-on-year basis was caused by increases in prices of bread and cereals, potatoes, yam and other tubers, fish, oil and fat, meat, fruit, coffee, tea, and cocoa.
Core inflation, which excludes the prices of volatile agricultural produces and energy stood at 25.13 per cent in February 2024 on a year-on year basis, a rise by 6.76 per cent compared to the 18.37 per cent recorded in February 2023.