Nigeria’s inflation surged to 29.9%, marking a 0.98 percentage point increase from December 2023, according to the latest report from the National Bureau of Statistics (NBS).
The NBS revealed that food inflation also spiked to 35.41% during the same period, up from 33.93% in December 2023.
Detailing the findings, the NBS stated, “The January 2024 headline inflation rate showed an increase of 0.98 percentage points when compared to the December 2023 headline inflation rate. Furthermore, on a month-on-month basis, the headline inflation rate in January 2024 was 2.64%, indicating a 0.35 percentage point rise from December 2023.”
Explaining the drivers behind the food inflation surge, the NBS cited increases in prices of bread and cereals, potatoes, yam and other tubers, oil and fat, fish, meat, fruit, coffee, tea, and cocoa.
The report also highlighted regional disparities, with Kogi, Kwara, and Rivers experiencing the highest food inflation rates year-on-year, while Bauchi, Adamawa, and Kano recorded the slowest rises.
“The food inflation rate in January 2024 was 35.41 per cent on a year-on-year basis, which was 11.1 percentage points higher compared to the rate recorded in January 2023 (24.32%).
“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%; this was 0.49 percentage points higher compared to the rate recorded in December 2023 (2.72 per cent).
“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 percentage point increase from the average annual rate of change recorded in January 2023 (21.53%).
“In January 2024, food inflation on a year-on-year basis was highest in Kogi (44.18 per cent), Kwara (40.87 per cent), and Rivers (40.08 per cent), while Bauchi (28.83 per cent), Adamawa (29.8 per cent) and Kano (30.08 per cent) recorded the slowest rise in food inflation on a year-on-year basis.”
