Nigeria’s inflation rate soared to a record high of 29.90% in January 2024, the highest in the country’s history, according to the latest data released by the National Bureau of Statistics (NBS) on Thursday, February 15.
The NBS said the Consumer Price Index (CPI) rose by 0.98% points from 28.92% in December 2023. CPI measures the average change in prices of goods and services over a period of time.
The NBS attributed the increase in inflation to the persistent rise in food prices, which surged by 35.41% year-on-year, compared to 24.32% in January 2023.
“The rise in food inflation on a year-on-year basis was caused by increases in prices of bread and cereals, potatoes, yam and other tubers, oil and fat, fish, meat, fruit, coffee, tea, and cocoa,” the NBS report read.
The NBS also said the core inflation, which excludes the prices of volatile agricultural items, rose by 25.17% year-on-year, compared to 18.10% in January 2023.
The NBS report came amid Nigeria’s economic challenges, worsened by the removal of fuel subsidies, insecurity, and exchange rate volatility.
Already, 130 million Nigerians are poor, according to the NBS multidimensional Poverty Index Survey released in November 2022.Â
The figure represents 63 per cent of the nation’s population. NBS added that the poverty index is mostly experienced in rural areas, especially in the north with women and children being the most affected.
