Nigeria’s Inflation Surges Further Hits 29.90 Per Cent In January

The National Bureau of Statistics (NBS) has revealed that the country’s inflation surged further in January 2024, hitting 29.90 per cent from the 28.92 per cent recorded in December 2023.

In its latest Consumers Price Index report released on Thursday, the statistics bureau detailed that the January increase was 0.98% higher than the 28.92 rate point recorded in December 2023.

On a year-on-year basis, the country’s inflation rate rose by 8.08 per cent from 21.82 per cent recorded in January 2023 to 29.90 per cent recorded in January 2024.

The NBS report detailed that “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.”