Nigeria's inflation rate surged to 29.90% in January 2024, marking a significant increase from the previous month's 28.92%, as reported by the National Bureau of Statistics (NBS).
The latest inflation report highlights a persistent upward trend, indicating that the inflationary pressures in the country have yet to abate. The NBS report underscores the severity of the situation, stating that the headline inflation rate rose by 0.98% points compared to December 2023, with a year-on-year increase of 8.08% points from January 2023.
This surge reflects a worrying acceleration in the average price level, with January 2024 witnessing a 2.64% month-on-month increase, surpassing December 2023's 2.29% rate.
The data paints a grim picture of Nigeria's economic stability, signaling challenges ahead for policymakers and citizens alike as they grapple with the implications of soaring inflation.
