Nigeria’s inflation rate for January 2024 rose to 29.90 per cent in the month of January 2024.
This shows an increase of 0.98 per cent from the 28.92 per cent recorded in the previous month.
This was contained in the latest National Bureau of Statistics (NBS) inflation report.
The increase shows that the country’s inflation rate is yet to slow down, recording an increase every new month.
“In January 2024, the headline inflation rate increased to 29.90% relative to the December 2023 headline inflation rate which was 28.92%. 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%),” a part of the report read.
It further pointed out that the current inflation figures meant that in January 2024, the rate of increase in the average price level was more than the rate of increase in the average price level in December 2023.