A recent publication from the Nigerian Bureau of Statistics (NBS) reveals that the year-on-year (YoY) headline inflation rate rose by 0.98 percentage points to reach 29.9 percent in January 2024, up from 28.92 percent in December 2023.
It was also noted that in January 2024, food inflation also increased to 35.41 per cent from 33.93 per cent in December 2023.
The report read āIn January 2024, the headline inflation rate increased to 29.9 per cent 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 percentage points when compared to the December 2023 headline inflation rate.
āFurthermore, on a month-on-month basis, the headline inflation rate in January 2024 was 2.64 per cent, which was 0.35 percentage points higher than the rate recorded in December 2023 (2.29 percent).
āThis means that in January 2024, the rate of increase in the average price level is greater than the rate of increase in the average price level in December 2023.
āThe food inflation rate in January 2024 was 35.41 per cent on a year-on-year basis, which was 11.1 percentage points higher compared to the rate recorded in January 2023 (24.32%).
āThe rise in food inflation on a year-on-year basis was caused by increases in prices of bread and cereals, potatoes, yam and other tubers, oil and fat, fish, meat, fruit, coffee, tea, and cocoa.
āOn a month-on-month basis, the food inflation rate in January 2024 was 3.21%; this was 0.49 percentage points higher compared to the rate recorded in December 2023 (2.72 per cent).
āThe average annual rate of food inflation for the twelve months ending January 2024 over the previous twelve-month average was 28.91 per cent which was a 7.38 percentage point increase from the average annual rate of change recorded in January 2023 (21.53%).ā
Peoplesmind
