Nigerians face more hardship as Inflation rate nears 30%

NIGERIANS will face more economic hardship as the inflation rate jumps to 29.90 per cent, up from the previous month’s 28.92 per cent.

The 0.98 per cent increase showed that the inflation rate in the country is still on the rise.

The National Bureau of Statistics (NBS) released the new rate in its ‘Consumer Price Index’ published on Thursday, February 15.


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According to the NBS, “In January 2024, the headline inflation rate increased to 29.90 per cent relative to the December 2023 headline inflation rate which was 28.92 per cent.

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

“Furthermore, on a month-on-month basis, the headline inflation rate in January 2024 was 2.64 per cent, which was 0.35 per cent higher than the rate recorded in December 2023 (2.29 per cent). This means that in January 2024, the rate of increase in the average price level is more than the rate of increase in the average price level in December 2023.”






     

     

    Food inflation has been a reoccurring issue faced by several governments across the globe and inflamed by the ongoing war between Russia and Ukraine.

    In Nigeria, the price of food products has increased sharply and persistently, triggered largely by high energy prices as a result of fuel subsidy removal,

    The ICIR recently reported protests in different parts of the country in reaction to the high cost of living, with citizens in Niger, Kano, Lagos, and other states demanding solutions to the economic crisis.

    Also, on Wednesday, the Northern traditional rulers and the Nigerian Bar Association decried the hardship in the country.

    Harrison Edeh is a journalist with the International Centre for Investigative Reporting, always determined to drive advocacy for good governance through holding public officials and businesses accountable.

    Join the ICIR WhatsApp channel for in-depth reports on the economy, politics and governance, and investigative reports.

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