National Bureau of Statistics has revealed that Nigeria’s inflation rate climbed to 29.90 percent in January 2024 from 28.92 percent recorded in the previous month.
The NBS revealed this in its ‘Consumer Price Index published on Thursday, noting that the 0.98 percent increase shows that the inflation rate in the country is yet to slow down.
The development adds more pressure on the Central Bank’s monetary policy committee to sharply raise interest rates at a February 26-27 meeting — its first in seven months.
The report read, “In January 2024, the headline inflation rate increased to 29.90 percent relative to the December 2023 headline inflation rate which was 28.92 percent.”
“Looking at the movement, the January 2024 headline inflation rate showed an increase of 0.98 percent points when compared to the December 2023 headline inflation rate. Similarly, on a year-on-year basis, the headline inflation rate was 8.08 percent points higher compared to the rate recorded in January 2023, which was 21.82 percent.”
“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 (i.e., January 2023).”
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