BREAKING: Inflation rate increases to 29.90% in January, says NBS

The National Bureau of Statistics (NBS) on Thursday said the headline inflation rate increased to 29.90per cent relative to the December 2023 headline inflation rate which was 28.92per cent.

According to NBS, “looking at the movement, the January 2024 headline inflation rate showed an increase of 0.98per cent points when compared to the December 2023 headline inflation rate.

“Similarly, on a year-on-year basis, the headline inflation rate was 8.08percentage points higher compared to the rate recorded in January 2023, which was 21.82per cent.

“This shows that the headline inflation rate (year-on-year basis) increased in January 2024 when compared to the same month in the preceding year (i.e., January 2023).

“Furthermore, on a month-on-month basis, the headline inflation rate in January 2024 was 2.64per cent, which was 0.35per cent higher than the rate recorded in December 2023 (2.29per 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.”

…more details later