Food inflation increased to 24.32% in January from 23.75% in December, accounting for the majority of Nigeria’s inflation basket.
Speaking on the food inflation, Nigeria’s National Bureau of Statistics said in its inflation report, “The contributions of items on a class basis to the increase in the headline index are bread and cereal, actual and imputed rent, potatoes, yam and tuber, vegetable and meat.”
Inflationary pressures have been connected by policymakers to Nigeria’s infrastructure challenges and the fact that many of the things Nigerians consume are imported.
Godwin Emefiele, Governor of the Central Bank of Nigeria (CBN), has stated that if inflation remains high, the bank will maintain a tough stance on interest rates.
High inflation, slow economic growth, and rising insecurity are top concerns for Nigerian voters as the country prepares for legislative and presidential elections later this month.