A new report by the National Bureau of Statistics (NBS), says Nigeria’s inflation rate for January 2024 rose to 29.90% from 28.92% recorded in December 2023.
The increase is an indication that the country’s inflation rate is yet to slow down despite government efforts.
Part of the NBS report reads:
“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%).
“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.”
