Food prices, according to the latest report released by the National Bureau of Statistics (NBS), there has been a notable uptick in both headline inflation and food inflation rates in January 2024 compared to the previous month. Headline inflation, which measures the overall increase in the prices of goods and services, rose by 0.98 percentage points to reach 29.9 percent year-on-year, up from 28.92 percent in December 2023. Similarly, food inflation saw an increase to 35.41 percent in January 2024, up from 33.93 percent in December 2023.
The NBS highlighted that the surge in headline inflation was primarily driven by higher prices across various sectors, particularly noticeable in food items such as bread, cereals, potatoes, yam, oils, fats, fish, meat, fruits, and beverages like coffee, tea, and cocoa. This upward trend in food prices contributed significantly to the overall inflationary pressures observed during the period.
Furthermore, the report indicated that on a month-on-month basis, the rate of increase in both headline and food inflation accelerated in January 2024 compared to December 2023. Specifically, the month-on-month headline inflation stood at 2.64 percent, reflecting a 0.35 percentage points increase from the previous month, while food inflation recorded a 3.21 percent month-on-month increase, up by 0.49 percentage points from December 2023.
The NBS also provided insights into the annual average food inflation rate for the twelve months leading up to January 2024, which stood at 28.91 percent. This represents a notable increase of 7.38 percentage points compared to the corresponding period in January 2023, indicating sustained inflationary pressures in the food sector over the past year.
Food prices
In conclusion, the latest CPI report underscores the ongoing challenges posed by inflationary pressures, particularly in the food segment, highlighting the need for comprehensive measures to mitigate the impact on consumers and ensure macroeconomic stability.
