Nigeria’s inflation increased to 29.90 percent in January 2024 from 28.92 percent recorded in December 2023 amid rising food prices.

The National Bureau of Statistics, NBS disclosed this on Thursday in its latest Consumer Price Index. According to the bureau, the figure is 0.98 percent points higher compared to the 28.92 percent recorded in December 2023.

Similarly, NBS said, on a year-on-year basis, the headline inflation rate was 8.08 percent points higher compared to the rate recorded in January 2023, which was 21.82 percent. “It said on a year-on-year basis, the headline inflation rate in January 2024 was 8.08 percent higher than the rate recorded in January 2023 at 21.82 percent.

In addition, the report said, on a month-on-month basis, the headline inflation rate in January 2024 was 2.64 percent, which was 0.35 percent higher than the rate recorded in December 2023 at 2.29 percent.