Nigeria’s headline inflation rate increased in January 2024, to 29.90% relative to the December 2023 headline inflation rate which was 28.92%.
The January 2024 CPI report by the Nigeria Bureau of Statistics said “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 “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 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 in- crease in the average price level in December 2023.”
