From Isaac Anumihe, Abuja
For the thirteenth time in recent times, inflation has gone up again to 29.90 per cent in January, 2024 from 28.20 per cent in December 2023.
According to National Bureau of Statistics (NBS), looking at the movement, the January 2024
headline inflation rate showed an increase of 0.98 per cent points when compared to the December
2023 headline inflation rate.
Similarly, on a year-on-year basis, the headline inflation rate was 8.08 per cent points higher compared to the rate recorded in January 2023, which was 21.82 per cent.
“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 per cent which was 0.35 per cent higher than the rate recorded in December 2023 (2.29 per cent).
“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.
Meanwhile, on a year-on-year basis, in January 2024, the urban inflation rate was 31.95 per cent.
This was 9.40 per cent points higher compared to the 22.55 per cent recorded in January 2023. On a month-on-month basis, the urban inflation rate was 2.72 per cent in January 2024.
This was 0.30 per cent points higher compared to December 2023 (2.42%). The corresponding twelve-month average for the urban inflation rate was 27.01 per cent in January 2024. This was 7.10 per cent points higher compared to the 19.91 per cent reported in January 2023.
“The rural inflation rate in January 2024 was 28.10 per cent on a year-on-year basis; this was 6.97 per cent higher compared to the 21.13 per cent recorded in January 2023. On a month-on-month basis, the rural inflation rate in January 2024 was 2.57 per cent, up by 0.40 per cent points compared to December
2023 (2.17 per cent). The corresponding twelve-month average for the rural inflation rate in January 2024 was 23.85 per cent. This was 5.01 per cent higher compared to the 18.84 per cent recorded in January 2023,” NBS said.