The National Bureau of Statistics (NBS) has released its latest data, indicating a significant surge in headline inflation, reaching 29.90% in January 2024. This marks a notable increase from the December 2023 figure of 28.92%.
According to the NBS Consumer Price Index (CPI) report, the January 2024 inflation rate reflects a 0.98% point rise compared to December 2023. Moreover, on a year-on-year basis, the inflation rate has risen by 8.08% points from January 2023, which stood at 21.82%.
The food inflation rate has also experienced a sharp increase, reaching 35.41% year-on-year, marking an 11.10% point rise from January 2023. The surge in food prices is attributed to notable increases in the prices of essential food items such as bread, cereals, potatoes, yams, oils, fats, fish, meat, fruits, and beverages.
In response to the escalating cost of living, President Bola Tinubu has taken action by ordering the release of grains to alleviate food costs across the country. Additionally, various stakeholders are convening to address the broader economic challenges, including the impact of fuel subsidy removal and the prevailing insecurity in certain regions of Nigeria.
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