Breaking News: Nigeria Records Sharp Increase In Inflation Rate, Surges To 29.90% – NBS Report

Breaking News: Nigeria Records Sharp Increase In Inflation Rate, Surges To 29.90% – NBS Report

In January 2024, Nigeria experienced a surge in its inflation rate, reaching 29.90%, up from the previous month’s 28.92%, indicating a 0.98% increase and highlighting the persistent acceleration of inflation in the country. The National Bureau of Statistics disclosed this information in its recently published Consumer Price Index on Thursday……..CONTINUE READING

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The elevated inflation rate puts additional pressure on the central bank’s monetary policy committee, intensifying expectations for a substantial increase in interest rates during its scheduled meeting on February 26-27. This would mark the committee’s first interest rate adjustment in seven months.

According to the report, “In January 2024, the headline inflation rate increased to 29.90 per cent relative to the December 2023 headline inflation rate, which was 28.92 per cent.” The year-on-year analysis revealed an 8.08% increase compared to January 2023, which recorded an inflation rate of 21.82%.

On a month-on-month basis, the report indicated a 2.64% inflation rate in January 2024, marking a 0.35% increase from the December 2023 rate of 2.29%. This suggests a faster pace of increase in the average price level during January 2024 compared to the preceding month.

The rise in food inflation has been a persistent global issue, exacerbated by the ongoing conflict between Russia and Ukraine. In Nigeria, the geometric progression of food product prices has led to protests in various parts of the country, including Niger, Kano, Kogi, Ondo, as citizens demand solutions to the economic crisis.

The removal of the fuel subsidy, resulting in higher transport costs and food price inflation, has further intensified the economic challenges in Nigeria. Traditional rulers in the Northern region, along with the Nigerian Bar Association, have expressed concern about the hardships faced by citizens due to these economic factors.

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Source: Bushradiogist