Nigeria’s inflation hits 29.90% in January 2024

Maureen Aguta

Nigeria’s annual inflation rate rose to 29.90 per cent in January from 28.92 per cent in December 2023, the National Bureau of Statistics (NBS) said Thursday.

The statistics office said the January 2024 headline inflation rate showed an increase of 0.98 per cent points when compared to the December 2023 headline inflation rate.

The NBS said on a year-on-year basis, the headline inflation rate was 8.08 per cent points higher compared to the rate recorded in January 2023, which was 21.82 per cent.

“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),” it said.

According to the report, the food inflation rate in January 2024 quickened to 35.41 per cent on a year-on-year basis, which was

11.10 per cent points higher compared to the rate recorded in January 2023 (24.32 per cent).