Nigeria’s January inflation rate hits 29.90%

TRIBUNE

The inflation rate in Nigeria rose to 29.90 per cent in January 2024 from 28.92 per cent recorded in December 2024.

The National Bureau of Statistics (NBS), which released the figures on Thursday, explained that the Food inflation rate in January 2024 was 35.41 per cent on a year-on-year basis, which was 11.10 per cent higher compared to the rate of 24.32 per cent recorded in January 2023.

According to the NBS report, in January 2024, the headline inflation rate increased to 29.90 per cent relative to the December 2023 headline inflation rate, which was 28.92 per cent.

Looking at the movement, the January 2024 headline inflation rate showed an increase of 0.98 per cent points when compared to the December
2023 headline inflation rate.

Similarly, on a year-on-year basis, the headline inflation rate was 8.08 per cent higher compared to the rate recorded in January 2023, which was 21.82 per cent.

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