In February 2024, Nigeria experienced a rise in headline inflation rate to 31.70%, up from 29.90% in January 2024, indicating an increase of 1.80%. When compared to February 2023, the inflation rate for February 2024 was 9.79% higher. The month-on-month headline inflation rate for February 2024 was 3.12%, up from January 2024's rate of 2.64%. This suggests that the pace of price increases in February 2024 was higher than in January 2024.

Food inflation also increased to 37.92% in February 2024, driven by higher prices of items such as bread and cereals, potatoes, yams, fish, coffee, tea, and cocoa. This represented a significant increase from the food inflation rate of 24.35% in February 2023. The month-on-month analysis showed a food inflation rate of 3.79% for February 2024, up from January 2024's rate of 3.21%.

Core inflation, excluding volatile agricultural products and energy costs, was 25.13% in February 2024, up from 18.37% in February 2023. Notable price increases were observed in passenger road transport, housing rentals, medical services, and pharmaceutical products. The month-on-month core inflation rate slightly decreased to 2.17% in February 2024 from 2.24% in January 2024.

Urban inflation was at 33.66% year-on-year in February 2024, up from 22.78% in February 2023. The month-on-month urban inflation rate for February 2024 was 3.17%, higher than January 2024's rate of 2.72%. Rural inflation stood at 29.99% year-on-year in February 2024, an increase from 21.10% in February 2023. The month-on-month rural inflation rate for February 2024 was 3.07%, higher than January 2024's rate of 2.57%.