The National Bureau of Statistics (NBS), report has shown that Nigeria experienced a rise in its average inflation rate to 29.90% in January 2024. In January 2024, the inflation rate increased to 29.90% relative to the December 2023 headline inflation rate which was 28.92% with almost a 1% Increase.
The increase of 0.98% points compared to the previous month’s rate of 28.92% was highlighted by the report.
In January 2024, the headline inflation rate on a year-on-year basis was higher by 8.08% points compared to the rate seen in January 2023, which was 21.82%.
This indicates that the headline inflation rate (year-on-year basis) rose in January 2024 when compared to the same month in the previous year (January 2023).
Moreover, the inflation rate for January 2024 increased by 0.35% compared to December 2023, reaching 2.64%. This indicates that the average price level rose at a faster pace in January compared to the previous month.
In January 2024, the average Consumer Price Index (CPI) for the twelve months increased by 5.99% compared to the CPI of the previous twelve-month period, resulting in a 25.35% overall change. This is higher than the 19.36% recorded in January 2023, indicating a significant rise in the CPI.
The report also shows that urban inflation showed a significant increase in January 2024 compared to the same period in 2023. The year-on-year urban inflation rate rose from 22.55% in January 2023 to 31.95% in January 2024, marking a difference of 9.40%. Additionally, on a month-on-month basis, urban inflation in January 2024 was 2.72%, which was 0.30% higher than in December 2023 (2.42%).
In January 2024, the Urban inflation rate for the past twelve months was 27.01%, which was 7.10% higher than the rate of 19.91% reported in January 2023. Similarly, the Rural inflation rate in January 2024 was 28.10%, showing an increase of 6.97% compared to the rate of 21.13% recorded in January 2023
The Food Inflation rate in January 2024 saw a significant increase of 11.10% points compared to the rate observed in January 2023. This year-on-year rise in Food inflation was primarily driven by price hikes in various food categories, including Bread and cereals, Potatoes, Yam and other Tubers, Oil and fat, Fish, Meat, Fruit, Coffee, Tea, and Cocoa.
