Jumoke Olasunkanmi
Nigeria’s headline and food Inflation has surged for the thirteenth consecutive month standing at 29.90 percent and 35.41 percent in January 2024 respectively according to the Consumer Price Index (CPI) released by the National Bureau of Statistics (NBS) on Thursday.
NBS report showed that on a year-on-year basis, headline inflation rose by 8.08 per cent when compared to the 21.82 per cent recorded in January 2023.
Similarly, food inflation increased by 11.10 per cent when compared to the same period in the previous year (January 2023).
On a month-on-month basis, headline inflation showed a 0.35 per cent increase from 2.29 per cent in December 2023 to 2.64 in January 2024.
Furthermore, the report attributed this rise to the increase in the price of food and non-alcoholic beverages; Housing, water, electricity and gas; clothing and footwear; transport; education and health among others.
Food Inflation on a month-on-month basis increased by 0.49 per cent in the space of one month reaching 3.21 per cent in January 2024 from 2.72 per cent in December 2023.
According to the NBS report, the rise can be linked to the increase in the average prices of potatoes, yams and other tubers; bread; cereal; meat and fish; tobacco and vegetables.
Food inflation (month-on-month) was also reported to be highest in Ondo, Osun and Edo states at 4.69, 4.59 and 4.58 per cent respectively while Bayelsa, Yobe and Ogun State recorded the lowest rates at 0.24, 0.97 and 1.44 per cent.
This continuous surge despite assurances from President Bola Tinubu raises concerns over the administration’s capability to address the country’s economic challenges.
