In January 2024, Nigeria’s inflation soared to 29.90%, up from 28.92% in December 2023, largely driven by escalating food prices, according to the National Bureau of Statistics.
The annual headline inflation rate saw an increase of 8.08 percentage points compared to January 2023, marking a significant rise. On a month-on-month basis, the inflation rate also climbed to 2.64% in January 2024, indicating a 0.35% increase from December 2023.
The surge in the headline index was attributed to escalated prices across various categories including food, housing, transport, and other essential goods and services.
The food inflation rate jumped to 35.41% on a year-on-year basis, with notable increases in the prices of bread, cereals, oil, fat, potatoes, yam, fish, meat, and various other food items. On a month-on-month basis, food inflation rose to 3.21% in January 2024, up by 0.49% from December 2023.
The core inflation rate, which excludes volatile agricultural produce and energy prices, stood at 23.59% in January 2024, marking a substantial increase from the previous year.
Urban inflation reached 31.95%, reflecting a 9.40% rise from January 2023, while rural inflation stood at 28.10%, showing a 6.97% increase from the previous year.
On a state level, Kogi, Oyo, and Akwa Ibom experienced the highest inflation rates, while Borno, Taraba, and Benue had the slowest. Ondo, Osun, and Jigawa witnessed the highest month-on-month inflation, with Bayelsa, Yobe, and Ogun recording the slowest rise.
For food inflation at the state level, Kogi, Kwara, and Rivers had the highest rates, while Bauchi, Adamawa, and Kano experienced the slowest rise.
The data reveals the severity of the inflationary crisis in Nigeria, posing significant challenges for the country’s economy and its citizens’ purchasing power.
The inflated prices could potentially exacerbate the already difficult living conditions for a large portion of the population, underscoring the need for urgent measures to curb this alarming trend.
