The latest inflation report released by the National Bureau of Statistics (NBS) reveals a concerning uptick in Nigeria’s inflation rate for January 2024, reaching 29.90% compared to the previous month’s 28.92%.
This increase underscores the persistent challenge of inflationary pressures gripping the nation’s economy.
According to the NBS report, the surge in January 2024 marks a 0.98% points rise from December 2023, indicating an ongoing acceleration in inflation. Furthermore, on a year-on-year basis, the headline inflation rate witnessed an alarming increase of 8.08% points compared to January 2023, which stood at 21.82%.
This data signifies a notable escalation in the inflation rate over the past year, reflecting the challenges faced by the economy.
On a month-on-month basis, the report highlights a 2.64% inflation rate for January 2024, representing a 0.35% increase from December 2023. This indicates a faster pace of price level increases during January compared to the preceding month.
The NBS report emphasizes that the rate of price level escalation in January 2024 exceeded that of December 2023, indicating sustained inflationary pressures.
The persistent rise in inflation underscores the urgent need for effective economic policies and interventions to mitigate its adverse impacts on consumers, businesses, and the overall economy.
