Nigeria’s annual inflation rate has risen to 29.90 per cent in January from 28.92 per cent in December 2023, according to the National Bureau of Statistics (NBS).
The statistics office said that the January 2024 headline inflation rate shows an increase of 0.98 per cent points when compared to that of December 2023.
The NBS said on a year-on-year basis, the headline inflation rate hit 8.08 per cent points higher compared to the rate recorded in January 2023, which stood at 21.82 per cent.
It further said “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).”
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)
More details later…..