Entrepreneurng.com
Tuesday, July 15, 2025
  • Business News
  • Economic News
  • Editor’s Picks
  • Advertise With Us
No Result
View All Result
Entrepreneurng.com
No Result
View All Result
Home Economic News

Nigeria’s Inflation hits 29.9% as Food Prices Rise

by Tolulope Akinruli
February 16, 2024
in Economic News
0
Nigeria’s Inflation hits 29.9% as Food Prices Rise
495
SHARES
1.4k
VIEWS
Share on FacebookShare on Twitter

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.

Tags: Food pricesNigeria's Inflation
Share198Tweet124
Tolulope Akinruli

Tolulope Akinruli

  • Trending
  • Comments
  • Latest
Prince Faisal bin Salman Al Saud

Saudi Arabia: Top 10 Richest Princes and Princesses of the Royal Family

January 4, 2025
Atlanta Jollof Festival: Nigerian Chef Wins at the West African rice dish

Atlanta Jollof Festival: Nigerian Chef Wins at the West African rice dish

July 22, 2024
Sam Bankman-Fried

FTX founder Sam Bankman-Fried has been arrested in the Bahamas

December 13, 2022
Sam Bankman-Fried

FTX founder Sam Bankman-Fried has been arrested in the Bahamas

19
THE CHANGING NATURE OF POWER IN THE KNOWLEDGE ECONOMY

THE CHANGING NATURE OF POWER IN THE KNOWLEDGE ECONOMY

3
RE-INVENTING MANAGEMENT IN THE KNOWLEDGE ECONOMY

RE-INVENTING MANAGEMENT IN THE KNOWLEDGE ECONOMY

2
Stockgap Fuels Graduate Internship: Apply Now for N100k Monthly Stipend

Stockgap Fuels Graduate Internship: Apply Now for N100k Monthly Stipend

July 14, 2025
‘Africans Will Develop Africa’: Dangote Challenges CEOs to Invest at Home

‘Africans Will Develop Africa’: Dangote Challenges CEOs to Invest at Home

July 14, 2025
Ecobank Nigeria Repays 50% of Eurobond Debt Ahead of Schedule in Investor Confidence Move

Ecobank Nigeria Repays 50% of Eurobond Debt Ahead of Schedule in Investor Confidence Move

July 14, 2025

Subscribe my Newsletter for new blog posts, tips & new photos. Let's stay updated!

Entrepreneurng.com

Copyright © 2025

Navigate Site

  • About
  • Advertise
  • Privacy & Policy
  • Contact

Follow Us

No Result
View All Result
  • Business News
  • Economic News
  • Editor’s Picks
  • Advertise With Us

Copyright © 2025