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Inflation Marches on

Yesterday, the National Bureau of Statistics (NBS) published the Consumer Price Index (CPI) for February 2024. The headline inflation continued on its upward trend, soaring by 180bps to 31.70% YoY compared to 29.90% YoY reported in January 2024. This upsurge was propelled by increases in its two (2) significant subcomponents: food (+251bps to 37.92% YoY) and core (+154bps to 25.13% YoY) inflation. On a Month-on-Month (MoM) basis, headline inflation surged by 48bps to 3.12% MoM (vs. 2.64% MoM in the previous month), and this was on the back of a 57bps increase in food inflation to 3.79% MoM during the month. However, Core inflation declined by 7bps to 2.17% MoM. This high inflation rate puts a strain on household budgets, making it difficult for Nigerians to afford necessities, further weakening overall purchasing power.

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