In January 2024, Nigeria witnessed a surge in headline inflation, reaching 29.90 percent, up from 28.92 percent in December 2023,leadership reports.
This increase of 0.98 percentage points from December 2023 was primarily driven by food inflation, which soared to 35.41 percent year-on-year in January 2024. This marked an 11.10 percentage point increase compared to January 2023 (24.32%). Factors contributing to this surge included rising prices of Bread and cereals, Potatoes, Yam and other tubers, oil and fat, fish, meat, fruit, coffee, tea, and cocoa, according to data released by the National Bureau of Statistics (NBS).
Comparing January 2024 to January 2023, the headline inflation rate rose by 8.08 percentage points, from 21.82 percent to 29.90 percent, indicating a significant uptick.
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On a month-on-month basis, the headline inflation rate for January 2024 stood at 2.64 percent, slightly higher than December 2023’s rate of 2.29 percent. This suggests that the pace of price level increase in January 2024 surpassed that of December 2023.
