NIGERIA’S INFLATION HITS 29.90% AS FOOD PRICES RISE

Nigeria’s inflation increased to 29.90 per cent in January 2024 from 28.92 per cent recorded in December 2023 amid rising food prices.

The National Bureau of Statistics, NBS disclosed this on Thursday in its latest Consumer Price Index. According to the bureau, the figure is 0.98 per cent points higher compared to the 28.92 per cent recorded in December 2023.

Similarly, 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. “It said on a year-on-year basis, the headline inflation rate in January 2024 was 8.08 per cent higher than the rate recorded in January 2023 at 21.82 per cent.

In addition, the report said, on a month-on-month basis, the headline inflation rate in January 2024 was 2.64 per cent, which was 0.35 per cent higher than the rate recorded in December 2023 at 2.29 per cent.