Nigeria’s annual inflation rate rose to 29.90 per cent in January from 28.92 per cent in December 2023. The January 2024 headline inflation rate showed an increase of 0.98 per cent points when compared to the December 2023 headline inflation rate. Statistics from NBS shows that 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. On a month-on-month basis, the headline inflation rate in January 2024 was 2.64 per cent, which was 0.35 higher than the rate recorded in December 2023 (2.29 per cent).

The food inflation rate in January 2024 quickened to 35.41 per cent on a year-on-year basis, which was 11.10 per cent points higher compared to the rate recorded in January 2023 (24.32 per cent). On a month-on-month basis, the food inflation rate in January 2024 was 3.21 per cent, this was 0.49 per cent higher compared to the rate recorded in December 2023 (2.72 per cent).
In January 2024, food inflation on a year-on-year basis was highest in Kogi (44.18 per cent), Kwara (40.87 per cent), and Rivers (40.08 per cent), while Bauchi (28.83 per cent), Adamawa (29.8 per cent) and Kano (30.08 per cent) recorded the slowest rise in food inflation on a year-on-year basis.