Inflation hits 31.70% in February, says NBS

March 15, 2024

The National Bureau of Statistics (NBS) on Friday, March 15, said inflation rate soared from the 29.90% in January 2024 to 31.70% in February 2024.

This was contained in its document titled “CPI and Inflation Report (February 2024).”

The report noted: “In February 2024, the headline inflation rate increased to 31.70% relative to the January 2024 headline inflation rate which was 29.90%.”

NBS said looking at the movement, the February 2024 headline inflation rate showed an increase of 1.80% points when compared to the January 2024 headline inflation rate.

On a year-on-year basis, according to NBS, the headline inflation rate was 9.79% points higher compared to the rate recorded in February 2023, which was 21.91%.

The Bureau explained that this shows that the headline inflation rate (year-on-year basis) increased in the month of February 2024 when compared to the same month in the preceding year (i.e., February 2023).

NBS added that on a month-on-month basis, the headline inflation rate in February 2024 was 3.12%, which was 0.48% higher than the rate recorded in January 2024 (2.64%).

The report said this means that in February 2024, the rate of increase in the average price level is more than the rate of increase in the average price level in January 2024.