Inflation reaches 29.90% amid rising cost of living

The country’s headline inflation moved to 29.90% percent in January 2024, according to the latest data released by the National Bureau of Statistics (NBS). NBS released the new figure on Thursday.

“In January 2024, the headline inflation rate increased to 29.90% relative to the December 2023 headline inflation rate which was 28.92%,” the NBS said in its Consumer Price Index (CPI) report – which measures changes in prices of goods and services –  for January.

“Looking at the movement, the January 2024 headline inflation rate showed an increase of 0.98% points when compared to the December 2023 headline inflation rate. Similarly, on a year-on-year basis, the headline inflation rate was 8.08% points higher compared to the rate recorded in January 2023, which was 21.82%.”

According to the NBS, the food inflation, on a year-on-year basis was 35.41%, 11.10% points higher compared to the rate recorded in January 2023 (24.32%).

“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.

Credit: channelstv.com

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