In January 2024, Nigeria experienced a rise in the headline inflation rate, reaching 29.90%, an increase of 0.98% points compared to the previous month’s rate of 28.92%.

Nigeria map
Nigeria map

The primary driver of this inflation was attributed to food prices.

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The food inflation rate for January 2024 stood at 35.41% on a year-on-year basis, representing an 11.10% points increase compared to January 2023 (24.32%).

This surge was influenced by higher prices in categories such as bread and cereals, potatoes, yam and other tubers, oil and fat, fish, meat, fruit, coffee, tea, and cocoa.

The headline inflation rate on a year-on-year basis for January 2024 was 8.08% points higher than the rate recorded in January 2023, which was 21.82%. This indicates a notable increase in inflation over the one year.

On a month-on-month basis, the headline inflation rate in January 2024 rose to 2.64%, a 0.35% points increase from December 2023, which recorded a rate of 2.29%. These figures illustrate the ongoing inflationary pressures in the Nigerian economy.

In January 2024, the rate of increase in the average price level, as indicated by the headline inflation rate, was higher than the rate recorded in December 2023.

The month-on-month comparison shows that prices rose at a faster pace in January 2024, with a 2.64% increase, compared to the 2.29% increase in December 2023. This suggests an acceleration in inflationary pressures during that specific one-month period.

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