Inflation Soars to 29.90 % Amid Hardship

Inflation Soars to 29.90 % Amid Hardship | Ogbomoso Info

President Bola Tinubu

Nigeria’s inflation soared to 29.90 per cent in January 2024 from 28.92 per cent recorded in December 2023 amid rising food prices.

The National Bureau of Statistics, NBS, who disclosed this on Thursday in its latest Consumer Price Index, added that the figure is 0.98 per cent points higher compared to the 28.92 per cent recorded in December 2023.

According to the bureau, 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.

In addition, the report said, on a month-on-month basis, the headline inflation rate in January 2024 was 2.64 per cent, which was 0.35 per cent higher than the rate recorded in December 2023 at 2.29 per cent.

The report said the increase in the headline index for January 2024 on a year-on-year basis and month-on-month basis was attributed to the increase in some items in the basket of goods and services at the divisional level.

It said these increases were observed in food and non-alcoholic beverages, housing, water, electricity, gas, and other fuel, clothing and footwear, and transport.

Others are furnishings, household equipment and maintenance, education, health, miscellaneous goods and services, restaurants and hotels, alcoholic beverages, tobacco and kola, recreation and culture, and communication.

The bureau said the percentage change in the average CPI for the 12 months ending January 2024 over the average of the CPI for the previous corresponding 12-month period was 25.35 per cent.

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