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 five litres of groundnut oil formerly sold for N7,000 now sells for N11,000.
A development economist, Ken Ife, says insecurity has been the major cause of rising food prices.
According to the report, the figure of 1.72 per cent is higher than the 24.08 per cent recorded in July 2023.
The NBS explained in its report that Nigeria’s annual inflation rate had risen from 22.22 per cent in April to 22.41 per cent in May.
In the same line, food inflation increased from 24.32 per cent in January to 24.35 percent in the reviewed month.
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 National Bureau of Statistics says Nigeria’s inflation has dropped for its fifth consecutive month.
