The country’s headline inflation rate rose to 29.90% in January 2024, according to the latest data from the National Bureau of Statistics.
NBS released new figures on Thursday.
In its report on the Consumer Price Index (CPI), the NBS stated that “the headline inflation rate in January 2024 rose to 29.90%, and the headline inflation rate in December 2023 was 28.92%.” Stated. Prices of goods and services – for January.
“Looking at this development, the headline inflation rate in January 2024 showed an increase of 0.98 percentage points compared to the headline inflation rate in December 2023.Similarly, the year-on-year increase in the headline inflation rate was 8.08 percentage points higher than the headline inflation rate in January 2024, which was 21.82% in January 2023. ”
According to NBS, the food inflation rate was 35.41% year-on-year, 11.10 points higher than January 2023 (24.32%).
The year-on-year increase in food inflation is due to higher prices of bread and cereals, potatoes, yams and other tubers, oils and fats, fish, meat, fruit, coffee, tea and cocoa,” the NBS report said.
