Nigeria’s inflation hits 29.90% in January as food prices soar

Spread the love

 

 

Nigeria’s inflation rate for January 2024 rose to 29.90 percent from 28.92 percent recorded in the previous month on the back of the continuous upward trend in food prices.

Advertisements

TheNewsMatrics reports that prices of staples including rice, wheat flour, eggs and beverages have risen sharply since the beginning of the year.

The NBS report states: “In January 2024, the headline inflation rate increased to 29.90% relative to the December 2023 headline inflation rate which was 28.92%.

Advertisements

“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%.

“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%, which was 0.35% 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.”

 

Advertisements