APA – Lagos (Nigeria)
Nigeria’s National Bureau of Statistics (NBS) has announced that the Nigeria’s inflation rate for the month of January 2024 increased to 29.90 per cent.
The Consumer Price Index which measures inflation released on Thursday in Abuja by the NBS showed that the January figure was higher than the inflation figure of 28,92 recoded in December 2023 by 0,98 per cent.
The report stated that on a year-on-year basis, the headline inflation rate was 8.08 per cent points higher compared to the rate recorded in January 2023, which was 21.82 per cent.
According to the report, the Food inflation rate in January 2024 was 35.41 per cent on a year-on-year basis, which was 11.10 per cent points higher compared to the rate recorded in January 2023 (24.32 per cent).
The NBS said that 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.
On a month-on-month basis, the Food inflation rate in January 2024 was 3.21 per cent, this was 0.49 per cent higher compared to the rate recorded in December 2023 (2.72 per cent). The rise in the Food inflation on a Month-on-Month basis was caused by a rise in the rate of increase in the average prices of Potatoes, Yam & Other Tubers, Bread and Cereals, Fish, Meat, Tobacco, and Vegetable.
The average annual rate of Food inflation for the twelve months ending January 2024 over the previous twelve-month average was 28.91 per cent, which was a 7.38 per cent points increase from the average annual rate of change recorded in January 2023 (21.53 per cent).
On Urban inflation, the NBS said that on a year-on-year basis, in January 2024, the Urban inflation rate was 31.95 per cent, this was 9.40 per cent points higher compared to the 22.55 per cent recorded in January 2023, while 28.10 per cent on a year-on-year basis was recorded for Rural inflation in January 2024, representing 6.97 per cent higher compared to the 21.13 per cent recorded in January 2023.
GIK/APA