Nigeria’s Inflation Rate Surges Again, Hits 29.9%

The latest report from the National Bureau of Statistics (NBS) indicated that the nation’s headline inflation rate increased to 29.90% in January, relative to the December 2023 headline inflation rate which was 28.92%.

This was driven by the rising food costs and the widening exchange rate in the country. Food inflation rose to 35.41% in January, from 33.93% in December.

NBS said, looking at the movement, the January 2024 headline inflation rate showed an increase of 0.98% points when compared to the December 2023 headline inflation rate.

The Bureau said, on a year-on-year basis, the headline inflation rate was 8.08% points higher compared to the rate recorded in January 2023, which was 21.82%.

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).

Furthermore, on a month-on-month basis, the headline inflation rate in January 2024 was 2.64%, which was 0.35% higher than the rate recorded in December 2023 (2.29%).

This means that in January 2024, the rate of increase in the average price level was more than the rate of increase in the average price level in December 2023.

With the current development, all eyes are on the Central Bank of Nigeria (CBN) as it prepares for the first Monetary Policy Committee (MPC) meeting under Mr. Oleyemi Cardoso as Governor.

Speaking recently, when he appeared before the House of Representatives to address critical concerns related to exchange rates and inflationary pressures in the economy, the governor expressed optimism that the nation’s inflation rate would decline to 21.4 percent within the year.

He said, “inflationary pressures are expected to decline in 2024 due to the CBN’s inflation-targeting policy, aiming to rein in inflation to 21.4 percent, aided by improved agricultural productivity and easing global supply chain pressures”.

According to him, the CBN’s inflation-targeting framework involved clear communication and collaboration with fiscal authorities to achieve price stability, potentially leading to lowered policy rates, stimulating investment, and creating job opportunities.

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