BREAKING: Nigeria’s Inflation Rate Rises To 29.90%, Almost 1% Increase From December 2023

BREAKING: Nigeria’s Inflation Rate Rises To 29.90%, Almost 1% Increase From December 2023

In January 2024, the headline inflation rate rose to 29.90%, marking an increase from the December 2023 rate of 28.92%, as reported by the National Bureau of Statistics.

Nigeria experienced a surge in its average inflation rate, reaching 29.90% in January 2024. The National Bureau of Statistics revealed in its report that the January 2024 headline inflation rate exhibited a 0.98% points increase compared to December 2023. Additionally, on a year-on-year basis, the headline inflation rate showed an 8.08% points rise compared to January 2023, reaching 29.90%.

The report further highlighted that the month-on-month basis for January 2024 witnessed a 2.64% headline inflation rate, surpassing the December 2023 rate of 2.29%. This indicates a higher rate of increase in the average price level in January 2024 compared to the preceding month.

Examining the average Consumer Price Index (CPI) for the twelve months ending January 2024, the report revealed a 25.35% change, signifying a 5.99% increase compared to January 2023’s 19.36%.

Regarding urban inflation, the NBS reported a year-on-year increase to 31.95% in January 2024, showing a 9.40% points rise from January 2023. On a month-on-month basis, urban inflation reached 2.72%, surpassing December 2023 by 0.30% points. The corresponding twelve-month average for urban inflation in January 2024 was 27.01%, indicating a 7.10% points increase compared to January 2023.

For rural inflation, January 2024 recorded a year-on-year rate of 28.10%, a 6.97% points increase from January 2023. The month-on-month basis showed a 2.57% rate, up by 0.40% points from December 2023. The corresponding twelve-month average for rural inflation in January 2024 was 23.85%, reflecting a 5.01% points increase from January 2023.

The Food inflation rate in January 2024 stood at 35.41% on a year-on-year basis, indicating an 11.10% points rise from January 2023. On a month-on-month basis, the Food inflation rate for January 2024 was 3.21%, surpassing December 2023 by 0.49% points. The average annual rate of Food inflation for the twelve months ending January 2024 was 28.91%, reflecting a 7.38% points increase from the average annual rate recorded in January 2023. The surge in Food inflation was attributed to increases in prices of various food items.

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