According to the latest inflation report from the National Bureau of Statistics (NBS), Nigeria’s inflation rate climbed to 29.90% in January 2024, up from 28.92% in the previous month.
This increase indicates that inflation in the country continues to rise.
The report states, “In January 2024, the headline inflation rate increased to 29.90% compared to the December 2023 rate of 28.92%. Analyzing the movement, there was a 0.98% point increase in the headline inflation rate from December 2023 to January 2024.
Additionally, on a year-on-year basis, the headline inflation rate was 8.08% points higher than January 2023, which stood at 21.82%.”
This data reveals that the headline inflation rate for January 2024 surged compared to the same period in the previous year. Furthermore, on a month-on-month basis, the headline inflation rate in January 2024 was 2.64%, representing a 0.35% increase from December 2023 (2.29%).
In essence, this indicates that the rate of price level increase in January 2024 exceeded that of December 2023.
