Nigeria’s inflation rate in January 2024 further increased, rising to 29.90% from 28.92% recorded in the previous month, amid macroeconomic whirlwinds in the nation’s socioeconomic space.
The latest National Bureau of Statistics (NBS) ‘CPI and Inflation Report January 2024’ report posted on its website on Thursday indicated that the increase in the general price level of the economy represented a 0.98% points month-on-month in January.
The statistics agency clarified: “In January 2024, the 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. 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 headline inflation rate in January 2024 was 2.64%, which was 0.35% higher than the rate recorded in December 2023 (2.29%).
“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”, the Bureau added.
A further analysis of the report showed that the “All Items Less Farm Produce” index In January 2024, the 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.
Similarly, the Bureau reported that 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).
This is even as it disclosed that on a month-on-month basis, the headline inflation rate in January 2024 was 2.64%, which was 0.35% higher than the rate recorded in December 2023 (2.29%), implying 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.
According to the statistics agency, the percentage change in the average CPI for the twelve-month ending January 2024 over the average of the CPI for the previous twelve-month period was 25.35%, showing a 5.99% increase compared to 19.36% recorded in January 2023.
The Bureau further clarified that on a year-on-year basis, in January 2024, the Urban inflation rate was 31.95%, representing 9.40% points higher compared to the 22.55% recorded in January 2023.
However, it reported that on a month-on-month basis, the Urban inflation rate was 2.72% in January 2024, this was 0.30% points higher compared to December 2023 (2.42%), adding that the corresponding twelve-month average for the Urban inflation rate is 27.01% in January 2024, representing 7.10 % points higher compared to the 19.91% reported in January 2023.
On the Rural inflation trend, the statistics agency reported that in January 2024 the rate rose to 28.10% on a year-on-year basis; indicating 6.97% higher compared to the 21.13% recorded in January 2023.
It added that on a month-on-month basis, the Rural inflation rate in January 2024 was 2.57%, up by 0.40% points compared to December 2023 (2.17%).
The Bureau’s report further showed that the corresponding twelve-month average for the Rural inflation rate in January 2024 was 23.85%, representing 5.01% higher compared to the 18.84% recorded in January 2023.
