Nigeria’s headline inflation rate climbed to 29.9 percent in January, the latest figures published by the National Bureau of Statistics on Thursday showed.
The NBS inflation report is based on the Consumer Price Index (CPI), which measures the average change in prices paid by consumers over a period of time for a basket of goods and services.
According to the report, in January 2024, Nigeria’s headline inflation rate increased to 29.90% relative to the December 2023 headline inflation rate, which was 28.92%.
“Looking at the movement, the January 2024 headline inflation rate showed an increase of 0.98% points when compared to the December 2023 headline inflation rate,” NBS’ report read.
The report showed that similarly, on a year-on-year basis, the headline inflation rate was 8.08% points higher compared to the rate recorded in January 2023, which was 21.82%.
This shows that the headline inflation rate (year-on-year basis) increased in January 2024 when compared to the same month in the preceding year (i.e., January 2023).
Furthermore, on a month-on-month basis, the NBS report showed that the country’s headline inflation rate in January 2024 was 2.64%, which was 0.35% higher than the rate recorded in December 2023 (2.29%).
According to the NBS, this means that in January 2024, the rate of increase in the average price level is more than the rate of increase in the average price level in December 2023.
