The National Bureau of Statistics has reported an increase in Nigeria’s headline inflation rate to 29.90% in January 2024, compared to 28.92% in December 2023.
This represents a 0.98% points increase and an 8.08% points increase compared to January 2023. On a month-on-month basis, the headline inflation rate in January 2024 was 2.64%, higher than December 2023 (2.29%).
The Consumer Price Index (CPI) for the twelve-month ending January 2024 increased by 5.99% compared to January 2023.
Food inflation in January 2024 was 35.41% year-on-year, driven by higher prices of Bread and cereals, Potatoes, Yam and other Tubers, Oil and fat, Fish, Meat, Fruit, Coffee, Tea, and Cocoa. On a month-on-month basis, food inflation was 3.21%, up by 2.72% from December 2023.