Nigeria’s inflation hits 29.90% on high food prices in Jan. 2024

The National Bureau of Statistics (NBS) has said Nigeria’s annual inflation rate rose to 29.90 per cent in January from 28.92 per cent in December 2023, just as food inflation rate in January 2024 quickened to 35.41 per cent.

The statistics office on Thursday said the January 2024 headline inflation rate showed an increase of 0.98 per cent points when compared to the December 2023 headline inflation rate.

The report read, “In January 2024, the headline inflation rate increased to 29.90 per cent relative to the December 2023 headline inflation rate which was 28.92 per cent.

“Looking at the movement, the January 2024 headline inflation rate showed an increase of 0.98 per cent points when compared to the December 2023 headline inflation rate. Similarly, on a year-on-year basis, the headline inflation rate was 8.08 per cent points higher compared to the rate recorded in January 2023, which was 21.82 per cent.”

“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).

“Furthermore, on a month-on-month basis, the headline inflation rate in January 2024 was 2.64 per cent which was 0.35 per cent higher than the rate recorded in December 2023 (2.29 per cent).

“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.”