February 15, (THEWILL) – Nigeria’s inflation rate rose to 29.9%, a near 28-year high in January, the National Bureau of Statistics (NBS) said Thursday.
According to the bureau, food inflation also surged to 35.5 percent in the month under review.
The January 2024 headline inflation rate showed an increase of 0.98 percent points when compared to the December 2023 headline inflation rate. The inflation was triggered by food inflation.
The food inflation rate in January 2024 was 35.41 percent on a year-on-year basis, which was 11.10 percent points higher compared to the rate recorded in January 2023 (24.32%).
The rise in Food inflation on a year-on-year basis was caused by increases in prices of Bread and cereals, Potatoes, Yam and other tubers, oil and fat, fish, meat, fruit, coffee, tea, and cocoa, data released by the National Bureau of Statistics (NBS) showed.
On a year-on-year basis, the headline inflation rate was 8.08% points higher compared to the rate recorded in January 2023, which was 21.82 percent.
This shows that the headline inflation rate (year-on-year basis) increased in January 2024 when compared to the same month in the preceding year (i.e. January 2023).
On a month-on-month basis, the headline inflation rate in January 2024 was 2.64 percent, which was 0.35 percent higher than the rate recorded in December 2023 (2.29%).
This means that in January 2024, the rate of increase in the average price level is more than the rate of increase in the average price level in December 2023.
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