Hardship May Worsen As Food Inflation Hits All Time High Of 35.41%

Nigeria’s inflation rate has risen to a record 29.90 per cent in January, principally driven by the high cost of food and non-alcoholic beverages, the National Bureau of Statistics (NBS) has said.

The bureau disclosed this on Thursday in its Consumer Price Index (CPI) report for January 2024 obtained by THE WHISTLER.

In December 2023, inflation was estimated by the bureau to be at 28.92 per cent.

Year-on-year-basis inflation rose 8.08 per cent higher compared to the rate recorded in January 2023, which was 21.82 per cent.

During the review period, the NBS said on a divisional level, food and non-alcoholic beverages contributed 15.49 per cent to inflation, housing, water, electricity, gas and other fuel contributed 5.0 per cent while clothing and footwear accounted for 2.29 per cent, among others.

The food inflation rate in January 2024 was 35.41 per cent on a year-on-year basis, which was 10.18 per cent higher compared to the rate recorded in January 2023 at 23.75 per cent.

The NBS attributed the rise in food inflation to the increases in prices of bread and cereals, oil and fat, potatoes, yam and other tubers, fish, fruit, meat, vegetables and milk, cheese and eggs.

The case was not different in the urban areas where the inflation rate rose to 31.95 per cent, which was 9.40 per cent points higher compared to the 21.63 per cent recorded 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 the preceding year.