Inflation hits 29.9% amid high cost of living

Inflation hits 29.9% amid high cost of living 

Nigeria’s inflation has reached 29.9 per, amid rising cost of living, the National Bureau of Statistics (NBS) stated on Thursday.

The NBS disclosed this in its Consumer Price Index report for January 2024, noting that food inflation also increased to 35.41 per cent during the period from 33.93 per cent in December

The NBS in its document said, “In January 2024, the headline inflation rate increased to 29.90% relative to the December 2023 headline inflation rate which was 28.92%.”
The NBS said 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.
According to the report, 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, said NBS, showed that the headline inflation rate (year-on-year basis) increased in January 2024 when compared to the same month in the preceding year (January 2023).
The NBS further noted 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%).
It explained that 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.

According to the NBS, the food inflation, on a year-on-year basis was 35.41%,  11.10% 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,” the NBS report read.

Thursday’s figures are coming on the heels of the rising cost of living in the country.

President Bola Tinubu has ordered the release of grains from the national food reserve to address the problem.