…MoM, food inflation increased to 3.21% in January 2024; 0.49% higher than 2.72% recorded in December 2023.
…MoM, core inflation printed at 2.24% in January 2024; 0.42% higher than 1.82% recorded in December 2023.
THUR, FEB 15 2024-theGBJournal|Nigeria’s headline inflation rose by 98bps in January to 29.90% y/y (December: 28.92% y/y), according to latest Consumer Price Index published by the National Bureau of Statistics today.
The outturn is 40bps higher than Bloomberg’s median consensus estimate (29.50% y/y).
On a month-on-month basis, the data shows headline inflation speeding up by 35bps to 2.64% (December: 2.29% m/m).
Food inflation grew stronger in January by 148bps to 35.41% y/y (December: 33.93% y/y), driven by increases in prices of Bread and cereals, Potatoes, Yam and other Tubers, Oil and fat, Fish, Meat, Fruit, Coffee, Tea, and Cocoa.
On a month-on-month basis, the Food inflation rate settled at 3.21%, relative to the 2.72% m/m in December 2023.
In the same vein, the core inflation (All items less farm produce and energy) rose by 50bps to 23.59% y/y (December: 23.06% y/y).
The highest increases were recorded in prices of Passenger Transport by Road, Medical Services, Actual and Imputed Rentals for Housing, Pharmaceutical products, Accommodation service, and Passenger Transport by Air.
On a monthly basis, the core index settled higher by 40bps to 2.24% m/m in January (December: 1.82% m/m).
Urban inflation rate was 31.95%, this was 9.40% points higher compared to the 22.55% recorded in January 2023.
On a month-on-month basis, the Urban inflation rate was 2.72% in January 2024, this was 0.30% points higher compared to December 2023 (2.42%).
The corresponding twelve-month average for the Urban inflation rate was 27.01% in January 2024. This was 7.10 % points higher compared to the 19.91% reported in January 2023.
Similarly, Rural inflation rate in January 2024 was 28.10% on a year-on-year basis; this was 6.97% higher compared to the 21.13% recorded in January 2023. On a month-on-month basis, the Rural inflation rate in January 2024 was 2.57%, up by 0.40% points compared to December 2023 (2.17%).
The corresponding twelve-month average for the Rural inflation rate in January 2024 was 23.85%. This was 5.01% higher compared to the 18.84% recorded in January 2023.
Meanwhile, food inflation was highest in Kogi (44.18%), Kwara (40.87%), and Rivers (40.08%), while Bauchi (28.83%), Adamawa (29.80%) and Kano (30.08%) recorded the slowest rise in Food inflation on Year-on-Year basis.
On a Month-on -Month basis, however, January 2024 Food inflation was highest in Ondo (4.69%), Osun (4.59%), and Edo (4.58%), while Bayelsa (0.24%), Yobe (0.97%) and Ogun (1.44%) recorded the slowest rise in Food inflation on Month-on-Month basis.
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