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Poor Nigerians will have to pay more to get their meals cooked, as the rise in inflation rate to 31.70 per cent in February, has led to an equal increase in price of Household Kerosene , to N1,340 per litre, Channels Television can authoritatively report.Data from a newly released report, ‘National Household Kerosene Price Watch’ for February 2024, by the National Bureau of Statistics , obtained on Thursday, showed that price of household kerosene went from N1,329.53 in January, to N1,340.
On a year-on-year basis, the average retail price per litre of the product rose by 14.23 per cent from N1,173.89 in February 2023.On state profile analysis, the highest average price per litre in February 2024, was recorded in Kaduna with N1,866.67, followed by Benue with N1,769.67 and Niger with N1,710.89.
The average retail price per gallon of the product paid by consumers in February 2024 was N4,880.02, indicating an increase of 0.19 per cent from N4,870.83 in January 2024.On state profile analysis, Adamawa recorded the highest average retail price per gallon of HHK with N6,092.50, followed by Bauchi with N5,910.00 and Kano with N5,779.50.On the other hand, Delta recorded the lowest price with N4,025.00, followed by Abuja and Ondo with N4,250.00 and N4,400.91 respectively.
The upward trend in the prices of these staples and other products has weakened the purchasing power of many citizens, making it difficult for many households in the country to afford daily meals.Removal of subsidies and rising inflation rate, among other factors, have also affected both the official and unofficial markets, leading to a spike in the prices of goods and services across the country.
The percentage change in the average CPI for the twelve-month ending February 2024 over the average of the CPI for the previous twelve-month period was 26.18 per cent, showing a 6.31 per cent increase compared to 19.87 per cent recorded in February 2023.The Food inflation rate in February 2024 was 37.92 per cent on a year-on-year basis, which was 13.57 per cent points higher compared to the rate recorded in February 2023 .
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