The FCCPC expressed its resolve to remain vigilant in protecting consumers and ensuring a fair marketplace in the country.
NBS said that on a year-on-year basis, the headline inflation rate in February 2024 was 9.79 per cent higher than the rate recorded in February 2023, which was 21.91 per cent.
A development economist, Ken Ife, says insecurity has been the major cause of rising food prices.
The UN agency has published its FFPI which tracks the monthly international prices of cereals, vegetable oil, dairy, meat and sugar.
The most recent development suggests that Nigeria’s inflation rate has reached its highest point since September 2005, when it was 24.32 per cent.
The increase was 4.14 per cent points higher compared to the rate recorded in September 2021 at 16.63 per cent.
The latest inflation data represents a 0.88 per cent increase from the 19.64 per cent recorded in July 2022.
The statistics office said food inflation soared to 18.30 percent last month, a 0.92 percent increase from 17.38 percent recorded in October.
