Ahead of MPC meeting, Nigeria’s inflation rate maintains upward trajectory, hits 29.90% in January 2024

Ahead of the Monetary Policy Committee (MPC) meeting of the Central Bank of Nigeria (CBN) slated for February 26-27, 2024, fresh data from the National Bureau of Statistics (NBS) shows Nigeria’s inflation rate for January 2024 continued its upward trajectory, hitting 29.90% from 28.92% recorded in the previous month.

The increase shows that the inflation rate in the country is yet to slow down.

“In January 2024, the headline inflation rate increased to 29.90% relative to the December 2023 headline inflation rate which was 28.92%.

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. Similarly, 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%.”

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“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 is more than the rate of increase in the average price level in December 2023” the report noted.

By Babajide Okeowo

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