Nigeria’s January inflation rate hits 29.90%

• In January 2024, the headline inflation rate increased to 29.90% relative to the December 2023 headline inflation rate which was 28.92%

From 28.92% in December 2023, inflation rate rose to 29.90 in January 2024.

National Bureau of Statistics (NBS) disclosed this in its document titled: “Consumer Price Index January 2023.”

The data noted that “In January 2024, the headline inflation rate increased to 29.90% relative to the December 2023 headline inflation rate which was 28.92%.”

NBS said looking at the movement, the January 2024 headline inflation rate showed an increase of 0.98% points when compared to the December 2023 headline inflation rate.

According to the report, similarly, on a year-on-year basis, the headline inflation rate was 8.08% points higher compared to the rate recorded in January 2023, which was 21.82%.

This, said NBS, 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).

NBS further noted that on a month-on-month basis, the headline inflation rate in January 2024 was 2.64%, which was 0.35% higher than the rate recorded in December 2023 (2.29%).

It explained that this means that in January 2024, the rate of increase in the average price level is more than the rate of increase in the average price level in December 2023.