Afrigather In February, Nigerian households’ shopping for energy weakened additional as shopper costs rose, defying the central financial institution’s latest jumbo interest rate hike.
Headline inflation for February rose to 31.70%, matching audit agency KPMG’s predictions in 2023.
Meals inflation additionally rose sharply to 37.92%, with staples like bread and yam turning into much more costly for consumers.
“One carton of immediate noodles retails at ₦10,000 at wholesale value, over 30% increased than what it started the yr with,” mentioned Bethel Ibeh, who runs a small cooking enterprise in Ojodu Berger.
“Solely the folks that admire the worth of immediate noodles purchase it now,” she added.
On February 27, the Central Financial institution raised rates of interest to 22.75% in its first assembly since 2023. It was seen as many as an indication of seriousness by the financial institution, and troublesome however mandatory selections like this are starting to bear fruit.
Final week, the regulator mentioned overseas inflows rose to $2.3 billion in February, pushed by renewed curiosity from overseas buyers and an increase in abroad remittances. This determine within the first quarter of 2024 outperformed $3.9 billion obtained for 2023.
