In January 2024, the National Bureau of Statistics (NBS) unveiled data revealing a notable surge in the country’s headline inflation, reaching a significant 29.9 percent.
This marks a discernible increase compared to the preceding month’s headline inflation rate of 28.92 percent in December 2023.
Analyzing the data on a year-on-year basis, the report disclosed an 8.08 percent point escalation in the headline inflation rate compared to January 2023, which stood at 21.82 percent.
This indicates a substantial acceleration in inflationary pressures within the economy.
Delving into the specifics, the NBS disclosed that the year-on-year food inflation rate in January 2024 was recorded at 35.41 percent.
This figure represents an 11.10 percent point hike from the corresponding period in January 2023, where the food inflation rate stood at 24.32 percent.
The report attributes this surge in food prices to notable increases in the cost of essential commodities, including bread, cereals, potatoes, yams, other tubers, oil and fat, fish, meat, fruit, coffee, tea, and cocoa.
The release of these figures on Thursday underscores the mounting challenges associated with the escalating cost of living in the country, emphasizing the need for a comprehensive understanding of the factors contributing to the inflationary trend.