Nigeria’s inflation rate for January 2024 rose to 29.90% from the previous month’s 28.92%, according to the National Bureau of Statistics (NBS).
This indicates that inflation in the country continues to increase.
The NBS report highlights that the January 2024 inflation rate showed an increase of 0.98% points compared to December 2023, and it was 8.08% points higher than January 2023.
On a month-on-month basis, the inflation rate in January 2024 was 2.64%, which was higher than December 2023.
This suggests that the rate of increase in prices was greater in January 2024 compared to the preceding month.