Inflation Rises to 29.90%

James Emejo in Abuja

The Consumer Price Index (CPI) which measures the rate of change in prices of goods and commodities rose to 29.90 per cent in January compared to 28.92 per cent in the preceding month, the National Bureau of Statistics (NBS) said Thursday.

Year-on-year, headline inflation was 8.08 per cent higher compared to 21.82 per cent in January 2023.

Food inflation rate increased by 11.10 per cent year on year to 35.41 per cent compared to 24.32 per cent in January 2023.

The rise in the food index was attributed to increases in prices of bread and cereals, potatoes, yam and other tubers, oil and fat, fish, meat, fruit, coffee, tea, and cocoa.

On the other hand, core inflation which excludes the prices of volatile agricultural produces and energy also rose by 4.71per cent to 23.59 per cent  year-on- year compared to 18.88 per cent in January 2023.

Details later…..