Kelvin Bowoto
In January 2024, Nigeria’s headline inflation rate jumped to 29.90%, up from 28.92% in December 2023.
The headline inflation rate in January 2024 increased by 0.98 percentage points compared to the headline inflation rate in December 2023. Food inflation was the driving force behind inflation.
The food inflation rate in January 2024 was 35.41 percent year on year, 11.10 percent higher than the rate in January 2023 (24.32%). Food inflation increased year on year due to price rises in bread and cereals, potatoes, yam, and other tubers, oil and fat, fish, meat, fruit, coffee, tea, and cocoa, according to statistics disclosed by the National Bureau of Statistics (NBS).
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On a year-on-year basis, the headline inflation rate was 8.08% higher than the rate in January 2023, which was 21.82%.
This indicates that the headline inflation rate increased year over year in January 2024 compared to the same month in the previous year (January 2023).
On a monthly basis, the headline inflation rate in January 2024 was 2.64 percent, 0.35 percent higher than the rate reported in December 2023 (2.29%).
This suggests that the average price level will climb at a faster rate in January 2024 than it did in December 2023.
Techrectory with Agency Report.
