Nigeria’s headline inflation increased year-on-year (YoY) by 0.98 percent to 29.9 percent in January 2024 from 28.92 percent in December 2023.
The National Bureau of Statistics NBS in its latest data release disclosed that food inflation also increased to 35.41 percent in January from 33.93 percent in December 2023.
The Consumer Price Index, CPI, report for January 2024 indicates that on a month-on-month basis, headline inflation rate in January 2024 was 2.64 percent, a 0.35 percentage points increase over the rate recorded in December 2023 (2.29 percent).
Food inflation in January 2024 rose to 35.41 percent on a year-on-year basis, 11.1 percentage points higher than the rate recorded in January 2023 (24.32%).
NBS attributes the rise in food inflation to 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).
Average annual 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%).
States with highest food inflation on a year-on-year basis were 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 during the period.
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