Inflation rate reaches 29.90 percent as increase in food prices persist

Data from the National Bureau of Statistics, NBS, has revealed that Nigeria’s inflation rate climbed to 29.90 percent in January 2024 from 28.92 percent recorded in the previous month.

NBS in its ‘Consumer Price Index’ report published on Thursday, February 15, revealed this, showing that the 0.98 percent increase implies that the inflation rate in the country is yet to slow down.

The report read, “In January 2024, the headline inflation rate increased to 29.90 percent relative to the December 2023 headline inflation rate which was 28.92 percent.

“Looking at the movement, the January 2024 headline inflation rate showed an increase of 0.98 percent points when compared to the December 2023 headline inflation rate. Similarly, on a year-on-year basis, the headline inflation rate was 8.08 percent points higher compared to the rate recorded in January 2023, which was 21.82 percent.

“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 headline inflation rate in January 2024 was 2.64 percent which was 0.35 percent higher than the rate recorded in December 2023 (2.29 percent).

“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.”

Food inflation has been a reoccurring issue faced by several governments across the globe and inflamed by the ongoing war between Russia and Ukraine.

In Nigeria, the price of food products has increased in geometric progression, and as a result, protests have broken out in different parts of the country in reaction to the high cost of living with citizens in Niger, Kano, Kogi, Ondo, and other states demanding solutions to the economic crisis.

On Wednesday, February 14, the Northern traditional rulers and the Nigerian Bar Association, NBA, bemoaned the hardship in the country influenced by the fuel subsidy removal which had resulted in higher transport costs and food inflation.