Nigeria, March 15 -- Nigeria's annual inflation rate rose to 31.70 per cent in February from 29.90 per cent in January, the National Bureau of Statistics (NBS) said on Friday.

The statistics office said the February 2024 headline inflation rate showed an increase of 1.80 per cent compared to the January 2024 headline inflation rate.

The NBS said on a year-on-year basis, the headline inflation rate was 9.79 per cent points higher than the rate recorded in February 2023, which was 21.91 per cent.

"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)," it said.

Furthermore, the bureau said on a month-on-month ba...