The National Bureau of Statistics, NBS, in its latest report, disclosed that Nigeria’s inflation rate for January 2024 has surged, moving from 28.92% recorded in December to 29.90%. The data also indicated that on a month-on-month basis, the headline inflation rate for January 2024 ascended to 2.64%, outpacing the 2.29% observed in the preceding month by 0.35% points.
Also included in the report, data reveals that on a year-on-year comparison, the headline inflation rate for January 2023 stood at 21.82%, showcasing a considerable leap of 8.08% points by January 2024.
As indicated by the bureau, “In January 2024, the headline inflation rate increased to 29.90% relative to the December 2023 headline inflation rate which was 28.92%,” the NBS said in its Consumer Price Index (CPI) report – which measures changes in prices of goods and services – for January.
“Looking at the movement, the January 2024 headline inflation rate showed an increase of 0.98% points when compared to the December 2023 headline inflation rate. Similarly, 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%.
“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,”
Nonetheless, The Central Bank of Nigeria (CBN) is optimistic that this year's figures will decline despite the surge.
