According to the most recent data from the National Bureau of Statistics (NBS), the country’s headline inflation rate rose to 29.90% in January 2024.
On Thursday, the National Bureau of Statistics revealed the updated figure.
In January 2024, the headline inflation rate was 29.90%, up from 28.92% in December 2023, according to the NBS’s Consumer Price Index (CPI) data, which tracks price changes for goods and services.
“Looking at the movement, the January 2024 headline inflation rate increased by 0.98% points over the December 2023 headline inflation rate.” Similarly, year on year, the headline inflation rate was 8.08% greater than the rate reported in January 2023, which was 21.82%.”
The NBS reported that food inflation was 35.41% year on year, 11.10% higher than the rate in January 2023 (24.32%).
“The 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,” the National Bureau of Statistics (NBS) report said.
The results released on Thursday come as the country’s cost of living continues to rise. Due to the event, President Bola Tinubu ordered the release of grains to reduce food costs in the country.
Stakeholders have met to address the impact of gasoline subsidy reduction and insecurity in certain areas of Nigeria.
Despite rising inflation rates, the Central Bank of Nigeria (CBN) is confident that the figures would fall this year.
“Inflationary pressures are expected to fall in 2024 due to the CBN’s inflationary targeting policy, which aims to reduce inflation to 21.4%, aided by improved agricultural productivity and easy global supply chain pressures,” CBN governor Yemi Cardoso said during a meeting with lawmakers last week.
“The Nigerian foreign exchange market is currently facing increased demand pressures causing a continuous decrease in the value of naira.”
